News Worms
News Worms


Manufacturing sector shows record growth in December

Manufacturing sector shows record growth in December

The manufacturing Purchasing Managers' Index fell to 55.8 in December from 56.1 in November.

Businesses would remain positive in terms of output over the next 12 months.

Nikkei evaluated that one of the factors leading to the improvement in operating conditions was a return to production growth. The survey's authors said a number of respondents signalled that they were receiving higher new orders from customers in North America. This was consistent with the strongest improvement in the health of the sector since December 2012.

The country's manufacturing sector witnessed higher payroll figures in December while the rate of job creation rose to its highest since August 2012.

The survey showed that average input costs continued to rise sharply despite the rate softening to a four-month low. This led to an increase in output price.

Meanwhile, the introduction of the Goods and Services Tax (GST) continued to exert upward pressure on manufacturers cost burdens in December. That said, the level of business confidence remained below the trend observed for the survey history. As a effect, the sector observed a modest increase in pre-production inventories for the first-time since June.

The fall in the headline PMI from a 47-month high of 52 points in November was driven by a contraction in new orders and slower output growth, according to IHS Markit, which compiles the survey.

Andrew Harker, associate director at IHS Markit said, "2017 has been a strong year overall, with the average PMI reading the best since 2006".

China's manufacturing sector is expected to continue expanding in 2018 despite the slight decline of an index, said investment bank China International Capital Corporation (CICC).

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