India manufacturing PMI slows 51.6 in May

Reuters

Reuters

The final Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) rose to 53.1 in May on a seasonally adjusted basis, stronger than a preliminary reading of 52.0 and a final 52.7 in April. A manufacturing PMI reading above 50 indicates an expansion of the manufacturing sector from the previous month, a reading below 50 shows a contraction, and 50 shows no change.

The Caixin China Manufacturing PMI is based on data compiled from monthly replies to questionnaires sent to purchasing executives at more than 400 manufacturing companies.

Panellists reported weak demand both domestically and overseas, citing disappointing sales in nearby Asian economies.

Softer growth in output reflected a relatively muted increase in total new orders during May.

"The forward-looking elements of the latest survey are reassuring for the construction sector, notably the acceleration in new business growth to its strongest so far this year". Growth rates for output, new orders, exports and jobs all strengthened, and the backlogs index highlighted strains on capacity.

The contraction was only slight, but ended a three-month sequence of growth.

Economists said the sector was recovering after a slow start to 2017.

The latest reading reaffirmed a stabilizing Chinese economy, said Zhang Liqun, a researcher with the Development Research Center under the State Council. The global economy is growing and British manufacturers can go into the next 12 months with confidence, taking advantage of the market opportunities and demonstrating continued resilience.

Despite the decline, April activity was still 6.7% better than the same time a year ago and is 5.8% better through the first five months of the year than during the same time in 2016.

A new-orders sub-index nudged up to 57.8 from 57.7, its highest since March 2011.

The consumer price index increased 1.4 percent in the first four months of the year, well below the government target of around 3 percent for the year. That said, rates of increase eased in both cases. The report also recorded solid performances in the civil engineering and commercial building sub-sectors, while output in commercial development rose at the fastest pace since March past year, even though it remained the weakest performing sector.

Dutch manufacturing also continued to expand, led by new orders, output and exports, but slipped from a month earlier.

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