Indian factory activity gains momentum in August amid GST confusion

The Markit Canada Manufacturing Purchasing Managers' index (PMI), a measure of manufacturing business conditions, declined to a seasonally adjusted 54.6 last month from 55.5 in July.

Similar manufacturing activity surveys from Europe and the United States later on Friday are expected to show strong growth, too, paving the way for a gradual rollback of the radical stimulus introduced after the global financial crisis, Reuters reported.

Britain's manufacturers stepped up production at the fastest pace in seven months in August, taking on more workers to keep up with strong demand from home and overseas.

"The UK manufacturing sector continued to show signs of solid progress during the third quarter, with rates of expansion in output, new orders and employment all gathering pace in August", says Rob Dobson, a director at IHS Markit.

A private sector survey confirmed earlier data pointing to a pick-up in Chinese manufacturing in August, but some economists remained unconvinced about the staying power of the upturn.

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"Alongside the weight of good news, the recent lift in the value of the Australian dollar is dampening the outlook for sales growth both in export and the domestic markets". Readings above 50 denote expansion in activity. The currency's depreciation also contributed to purchase-price gains accelerating for the first time in seven months, though at a slower pace than seen at the start of the year.

All the three monitored sub-sectors posted substantial recoveries, with capital goods outperforming its consumer and intermediate goods counterparts in terms of production growth rates, as per the PMI survey.

While remaining elevated, United Kingdom inflation unexpectedly eased from 2.9% to 2.6% in July.

"The Caixin China General Manufacturing PMI rose 0.5 points to 51.6 in August, the second-highest reading of this year so far".

  • Darren Santiago