News Worms
News Worms


China Factory Growth Accelerates, Service Industries Slip

China Factory Growth Accelerates, Service Industries Slip

The IHS Markit/CIPS purchasing managers' index for the United Kingdom manufacturing sector jumped to 56.9, a four-month high, in August from an upwardly-revised 55.3 in July, easily exceeding the 55.0 consensus forecast in a poll of economists.

"A reading above 50 indicates expansion, while a score below this mark means contraction".

United Kingdom manufacturing expanded at the strongest pace in four months in August, lifted by both export orders and domestic demand.

China reported Thursday that its official manufacturing Purchasing Managers' Index for the month of August came in above expectations at 51.7 due to strong production and domestic demand.

ADP employment data for August estimated private-sector payrolls rose by 237,000 compared a consensus estimates of 185,000.

The closely watched Markit/CIPS UK Manufacturing PMI barometer of factory sentiment showed activity jumped to 56.9 last month from 55.3 in July, the second-highest level in more than three years. Growth in new export business and new work were both "robust", Markit added.

Mr Dobson said it looked likely that manufacturing would keep up its growth in the near term because the pick-up was being felt across the sector and among small and large firms alike.

A separate index measuring non-manufacturing activity fell for a second month, slipping to 53.4 from 54.5 previously, reflecting slowing momentum in China's services sector.

Purchase price inflation accelerated for the first time in seven months in August. However, the rate of increase remained well below the record high seen at the start of the year.

But, "we doubt that the current pace of industrial output growth can be sustained for long", he said, noting that "tighter policy will continue to weigh on investment spending in the coming quarters". The recent lift in the dollar is dampening imported input prices but also dampening export sales.

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