Turkish factory activity grows for 10th straight month in December

Jon Howard
January 2, 2018

The Indian manufacturing sector ended the year on a strong note, with operating conditions in December improving at the strongest rate in five years driven by significant increase in new orders, a monthly survey said.

"At 54.7 in December, the Nikkei India Manufacturing Purchasing Managers' Index (PMI) rose from 52.6 in November". It was also lower compared to the 55.7 reading posted a year earlier. The survey's authors said a number of respondents signalled that they were receiving higher new orders from customers in North America.

Manufacturing activity has remained above the 50 mark separating growth from contraction since June 2013 when Ireland was approaching the end of a three-year worldwide bailout programme.

"Panellists commented on reduced volumes of new business".

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Despite these additional resources and a slight uptick in stocks of finished goods, manufacturers' backlogs of work increased for an eighth successive month in December. The latest survey showed the new orders sub-index, a proxy for domestic demand, also rose to 56.8 in December, the highest since October 2016. In fact, job creation accelerated to the strongest since August 2012, the survey said.

"That said, the level of business sentiment eased from November's 47-month high and remained weaker than the series average", the report noted.

Firms were more upbeat about their outlook and potential growth in 2018, as the future output index strengthened. "Anecdotal evidence pointed to stronger market demand from home and global markets", said Aashna Dodhia, economist at IHS Markit, which compiles the survey.

"On the price front, input cost inflation remained sharp overall and continued to place pressure on firms' margins", it added.

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