Economy

United Kingdom manufacturing still on the up

United Kingdom manufacturing still on the up

The Philippines last month managed to land second place in Southeast Asia behind Vietnam in terms of growth of manufacturing activity, but the improvement was its second weakest since its inclusion in January previous year in the survey IHS Markit conducts for Nikkei, Inc.

The seasonally adjusted IHS Markit/CIPS Purchasing Managers' Index (PMI) registered 55.9 in September, down from August's four-month high of 56.7, but above its long-term average of 51.7.

A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.

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The measure of new orders rose to 54.9 from 54.4, with firms citing increased client demand and product development.

"Overall growth continued to be driven by sharp expansions in both output and new orders, which in turn contributed to another solid rise in employment, boosting hopes of a further fall in the unemployment rate", he said.

The report noted that "September data showed that output volumes rose at the weakest rate since the survey started in January 2016", blaming "a softening sales trend", reduced overtime work, input shortages and rising cost of raw materials. Sales have increased to Europe, China, the USA and South America.

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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. Planned overseas expansion is contributing to a positive outlook for the sector, as manufacturers look to increase their worldwide client bases, expand into new territories and invest in new products and greater efficiency, both at home and abroad.

The growth of new export business remained among the best registered over the past six-and-a-half years.

Aashna Dodhia, Economist at IHS Markit said: "Manufacturing conditions across Indonesia sustained its tepid recovery from July's deterioration (strongest in 12 months) at the end of the third quarter". This reflected a combination of rising commodity prices, the exchange rate, and increased supply-chain pressures.

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"This will likely exert further upward pressure on prices, dent profitability and potentially disrupt production schedules in coming months", he added. All three broad sectors saw a production increase, led by consumer goods firms. "There were also reports of rising cost inflation affecting production levels", added Aw.


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