PH manufacturing PMI climbs in Nov

by Garry Watts December 2, 2017, 0:28
PH manufacturing PMI climbs in Nov

The seasonally adjusted Nikkei Philippines Manufacturing PMI rose to 54.8 last month from October's 53.7, buoyed by expansions in output and new orders.

The survey was bolstered by surging orders at home and from Europe's recovering economy.

Overall, the survey added to signs that manufacturing could be a bright spot next year, when the slowdown in the overall economy is likely to deepen as Britain approaches its departure from the European Union in March 2019.

The increase in growth has resulted in a further rise in the backlogs of work, with November's increase the fastest in the current seven month sequence of growth.

There were signs, however, that inflationary pressures remained strong.

Looking at margins, the rate of input cost inflation quickened to a seven month high, with this latest rise attributed to increased raw material costs, including for aluminium, paper and plastics.

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Rob Dobson of IHS Markit, which compiles the PMI survey, told media that manufacturing now seemed to be rising at a quarterly rate of 2 per cent "providing a real boost to the pace of broader economic expansion".

"But manufacturing only makes up 10 percent of the economy, and the more domestically-focused service sector - worth around 80 percent of GDP - is probably more exposed to Brexit-related uncertainty and the inflation squeeze on household income", Hare said.

India's manufacturing sector in November recorded the strongest improvement in business activity in 13 months as new orders picked up supported by reduction in GST rates and strong demand conditions, a survey has said.

The latest rise in new orders was one of the strongest in the survey's history, while growth in new export orders firmed to the sharpest in nearly three years.

"The PMI suggests the strong growth momentum in the Filipino economy has some way to go", Aw said.


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