Manufacturing Grows at Fastest Pace in Four Months

Manufacturing Grows at Fastest Pace in Four Months

The report shows an uptick in growth in New Orders, with December's outturn the strongest in the current 17-month sequence of growth and third-fastest in the survey's history. The result was the highest since August.

Sub-indices for production and new orders came in at 54 and 53.4, respectively, down from 54.3 and 53.6 last month, but well above the boom-bust line of 50.

Purchasing activity was reported to have deteriorated in December at the strongest rate since September, due to subdued demand conditions. Output prices also increased at a slower pace, but inflation has now been recorded in 15 successive months. Both new export orders and overall new business received by manufacturers increased at the quickest clip in four months, according to the survey, which is sponsored by Caixin and compiled by global information and data analytics provider IHS Markit Ltd.

The data support the view that the economy is beginning to gradually lose steam after growing by a forecast-beating 6.9 percent in the first nine months of the year, but the findings did not appear to suggest a risk of sharper slowdown at this point.

Commenting on the Nikkei India Manufacturing PMI data, Economist at IHS Markit, Aashna Dodhia, said: "The sector continues to face some turbulence as delayed customer payments contributed to greater volumes of outstanding work".

The World Bank expects the government's policy tightening to slow annual economic growth to 6.4% next year and 6.3% in 2019.

The Nikkei Malaysia Manufacturing PMI said business conditions in the Malaysian manufacturingsector broadly stagnated in December, following an improvement in November. This was consistent with the strongest improvement in the health of the sector since December 2012. Companies reported cross-sector increases for raw material, forcing them to raise their average selling prices in order to pass on some of the cost burden to clients.

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