Chinese manufacturing posts weakest reading in five month in private survey

Jan 02, 2018, 11:18
Chinese manufacturing posts weakest reading in five month in private survey

The manufacturing sector grew in December, setting a new record as business conditions improved at a record pace, a new survey showed. The December figure was the highest reading since August. "Higher new orders encouraged firms to increase employment sharply", said Gabriella Dickens, an economist at IHS Markit.

The pickup in December's manufacturing PMI came on the back of strong demand both at home and overseas.

Chinese steelmakers in 28 cities have been ordered to curb output between mid-November and mid-March, while a campaign to promote cleaner energy by converting coal to natural gas has also hampered manufacturing activity in some cities, leading to shortages and sending prices spiking.

More news: Doctors in Kerala to join nationwide strike against bill today

Meanwhile, the large food and beverages sub-sector recorded its highest monthly result since April 2016, while the non-metallic minerals sub-sector, wood and paper products and machinery and equipment all recorded their lowest index results for 2017.

The rate of growth in new orders was the fastest since June 1998 as client demand improved, and new export orders also increased sharply.

The latest economic growth rate is a tick lower than the 6.9 percent growth in the previous three-month period.

More news: Buhari appoints 3 dead men as board members

The World Bank expects the government's policy tightening to slow annual economic growth to 6.4% next year and 6.3% in 2019. Nonetheless, business conditions strengthened in each of the past 49 months.

The Caixin manufacturing PMI for December compares with a decrease in the official PMI released by the National Bureau of Statistics (NBS) on Sunday.

Turning to margins, the report from Investec found that input costs rose at their fastest pace in nine months, with higher raw material costs widely mentioned by panellists. This was consistent with the strongest improvement in the health of the sector since December 2012.

More news: Bitcoin Cash makes waves as it becomes available on Coinbase

YOU MIGHT ALSO LIKE
  • Anand surprises himself with World Rapid title triumph

    Anand surprises himself with World Rapid title triumph

    One thing is certain; chess fans all around the world will have their eyes firmly on the next phase of the tournament. My last two rapid tournaments have been nothing short of disasters. "I came here in a pessimistic frame of mind".
    Landon Collins Apologizes For Calling Giants Teammate Eli Apple 'A Cancer'

    Landon Collins Apologizes For Calling Giants Teammate Eli Apple 'A Cancer'

    The second-year cornerback practiced with the team earlier in the day and there seemed to be no indication that he'd be suspended. Abrams says Apple was suspended for a "pattern of behavior that is conduct detrimental to the team ".
    United States  vetoes United Nations  vote on status of al-Quds

    United States vetoes United Nations vote on status of al-Quds

    With the Palestinians rejecting USA mediation, Russian Federation said it was ready to take over. Embassy would move to the ancient city from Tel Aviv in a few years, RFE/RL reported.
  • Activist Erica Garner dies in Brooklyn

    Activist Erica Garner dies in Brooklyn

    Her official twitter account , being run by her family, said she had suffered major brain damage from a lack of oxygen. The city of NY settled with Eric Garner's estate for $5.9 million in July 2015.
    CHP officer killed as patrol auto  hit by drunken driver

    CHP officer killed as patrol auto hit by drunken driver

    The collision was reported at 12 a.m. near A Street and involved a auto that reportedly rear ended a CHP patrol vehicle. Two officers on a routine CHP watch on Christmas Eve were inside the vehicle at the time, he said.
    Honor 7X second sale begins on Amazon India

    Honor 7X second sale begins on Amazon India

    Now, this pre-Christmas launch might be Honor's treat to the fans and we expect it to come with the festive pre-launch offers too. Successor to the past year launched Honor 6X, the smartphone will go on sale today (December 14) on Amazon starting 12PM.
  • Hillary Clinton Named Most Admired Woman, Again

    Hillary Clinton Named Most Admired Woman, Again

    Oprah Winfrey, who some say is rumored to be considering a run for President, comes in as the third most admired woman this year. Barack Obama's numbers were down from 22 percent the previous year, but he was the first former president to win since Dwight D.

    Tunisia suspends Emirates flights over UAE's women security measures

    The move comes amid widespread anger in Tunisia, with rights groups condemning it as being racist and discriminatory. That triggered angry reactions on social media and media outlets in Tunisia.
    Boy calls 911 to catch the Grinch

    Boy calls 911 to catch the Grinch

    After deciding the Grinch had enough time to think about his actions, Tylon released him from the holding cell. Thompson said he told TyLon that when he is 21, he can fill out an application to be a real officer.
  • Mark Hamill Remembers 'Star Wars' Co-Star Carrie Fisher In Touching Tribute

    Mark Hamill Remembers 'Star Wars' Co-Star Carrie Fisher In Touching Tribute

    But soon, Hamill was back to adding fuel to the fan fire , claiming "He's not my Luke Skywalker anymore". Carrie Fisher's performance as Leia Organa is something so monumental it can not even be put into words.
    Volvo Cars' Chinese parent company buys $3.3 billion worth of AB Volvo

    Volvo Cars' Chinese parent company buys $3.3 billion worth of AB Volvo

    Geely will take over all the shares from Nomura and Barclays following necessary regulatory approvals. Geely, the Chinese owner of the Volvo auto brand, is acquiring a piece of truck maker AB Volvo.
    U.S.  online retail giant announces

    U.S. online retail giant announces "biggest holiday" sales gain

    Amazon issued an after-Christmas press release - as always, it talked a lot about its services but was shy on details. Despite the perks, it's not clear how many of Amazon's millions of new Prime members will stick around.
popular