Markit Manufacturing PMI: 'Strongest Manufacturing Growth For 3 Years'
- by Muriel Colon
- in Global Media
- — Apr 4, 2018
United States factories reported a strong end to the first quarter, with the PMI advancing to a three-year high.
"The poor performance in the sector was also driven by a decline in new business placed at Malaysian manufacturing firms". Adjusted for seasonal factors, the headline Purchasing Managers Index, a composite indicator created to provide a single- figure snapshot of operating conditions in the manufacturing economy, posted 51.0 in March, down from 51.6 in February. The latest PMI reading indicated the strongest improvement in manufacturing business conditions since March 2015.
"Without a significant rise in new orders, and if supply chains are still disrupted by shortages or the weather, for the next few months it's anticipated that there will be a continued muted pace of growth".
Data compiler IHS Markit said its monthly final purchasing managers' index fell to 53.7 in March from 55.9 in February.
Other nations to post strong growth were Austria (58.0), Greece (55.0) and Ireland (54.1), 10-month, 3-month and 12-month lows respectively.
In February, the Polish PMI fell for a second consecutive month after reaching an nearly three-year high of 55 in December.
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Factory activity has expanded in Mexico, which fueled jobs, but both input costs and output charges increased at sharper rates.
Europe's manufacturing boom stumbled in March as optimism waned and demand ebbed owing to a powerful winter storm, surveys showed on Tuesday, but expansion was still broad-based across the continent.
The March PMI Manufacturing Index from IHS Markit came in mixed at 55.6.
According to the key macro-economic data point, Indian goods manufacturers raised "their output for the eighth successive month during March" and that higher production was mainly linked to new order growth and favourable demand conditions.
Mexico's PMI for March was 52.4, up from 51.6 in February. This is partly caused by the weaker Indonesian rupiah (against the United States dollar). Still, charges rose at only a modest pace, to suggest that manufacturers' margins remained under pressure. "Manufacturing should therefore make another substantial contribution to GDP growth in the first quarter, and the presence of sustained inflationary pressures will be welcomed by policymakers", Williamson adds.
