IHS Markit: US manufacturing activity picks up in September

Robyn Valdez
October 3, 2017

"Surging order book growth has encouraged manufacturers to take on extra staff at a rate never previously seen in the 20-year history of the PMI survey".

The headline Markit Poland Manufacturing PMI is a composite single-figure indicator of manufacturing performance. The health of the sector has now strengthened in 22 consecutive months.

Growth in the UK's manufacturing sector slowed slightly in the third quarter of the year as costs rose on the back of higher inflation.

Factories across the euro zone enjoyed their most productive month since early 2011 in September, and the momentum looks set to continue into October as new order growth accelerated, a survey showed on Monday.

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"There was better news on the hiring front, with job creation perking up to a nine-month high". This reflected a combination of rising commodity prices, the exchange rate, and increased supply-chain pressures. Conversely, stocks of finished goods rose during the month. Both input and output costs are rising at a greater rate ad this has again increased vendor lead times to the longest for nearly six and a half years. That said, the rate of inflation slowed to the weakest since May and was modest.

"However, optimism regarding output remained high, encouraging firms to increase purchases of inputs", he said. Also, EVP Jonathan Gear sold 30,004 shares of the firm's stock in a transaction that occurred on Friday, July 14th.

Suppliers' delivery times continued to lengthen, albeit to the least extent in the current eight-month sequence of longer lead times.

However, September's reading still marked the 14th straight month of rising production, thanks in part to new business, with companies reporting "solid" demand from both domestic and overseas markets.

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Despite the weaker PMI survey in September, Ruth Gregory, an economist at Capital Economics, said she remains confident that the manufacturing sector will stage a recovery in the third quarter and help overall GDP growth to gain a bit of pace in the second half of this year.

"A cautionary note, though, is signalled by the re-emergence of inflationary pressures".

Higher prices for energy and for key raw materials plus the limited capacity to pass on those increased costs in selling prices are eroding manufacturers' margins.

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