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Manufacturing activity at four month low in June

Manufacturing activity at four month low in June”

"June rounded off a relatively strong quarter for manufacturers with the PMI average of 51.7 for Q1 FY 17 above the one seen in the previous quarter (51.2)". A reading above 50 indicates growth.

The indicator tallies with the government's purchasing managers' index (PMI) that also showed an improvement in factory conditions in June compared with May.

New orders expanded at the fastest pace in three months, boosting production and helping lift the PMI, Caixin said in a joint statement with data compiler IHS Markit.

Output across India's manufacturing economy rose for the sixth month in a row during June, which survey participants linked to ongoing increases in client demand.

Spreadex Analyst, Connor Campbell noted "The thrust of the United Kingdom index's growth stemmed from the commodity sector, itself boosted by the latest 0.5% jump from Brent Crude, the black stuff now trading at $49 per barrel for the first time in around a month". "Analysts are expecting the figure to slip slightly, from 56.7 to a 3 month low of 56.4, news that, if accurate, may take the edge off the pound". "Apart from some orders from the U.S. and Western Europe, exports fared little better as a continuing weak, but stable pound began to lose some of its allure". The survey also found that while most manufacturers forecast output growth in the coming 12 months, some companies felt that the implementation of the goods and services tax (GST) would have a negative impact on their businesses.

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Manufacturing employment rose for the eleventh month running in June with jobs growth registered at small, medium and large-sized enterprises, although rates of expansion slowed in all three categories.

Manufacturing activity slowed to a four month low in June despite an increase in orders from overseas, a private survey showed on Monday.

Nevertheless, overall confidence did weaken to a 7-month low as uncertainty surrounding the political outlook and Brexit talks increased once again.

"While the survey data add to signs that the economy is likely to have shown stronger growth in the second quarter, further doubts are raised as to whether this performance can be sustained into the second half of the year".



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