Published: Wed, October 04, 2017
Global | By Shelia Dennis

Vietnam's manufacturing PMI sees sharp rise in September: Nikkei

Vietnam's manufacturing PMI sees sharp rise in September: Nikkei

Markit's Manufacturing PMI is a diffusion index - a reading above 50 indicates expansion in the sector, while below 50 indicates contraction. Reflecting greater inflows of new work, Indian manufacturers raised their staffing levels, and at the fastest pace since October 2012. The data indicated modest improvement in the sector business conditions, and one that was below the long-run trend (54.1).

"Muted economic activity and appreciable economic and political uncertainties threaten to be a highly challenging combination for the construction sector over the coming months", he said.

Stocks of finished goods declined for the sixth consecutive month during September, with panellists reporting efforts to streamline inventories.

The US dollar index was little changed at 93.61 at 8:24 a.m. ET after climbing as high as 93.91 during Asian trade.

This resulted in a sharp and accelerated increase in new business, the most marked in five months.

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The report came a day after a similar survey showed that slowed in September, fueling fears that the economy is slowing.

The Philippines' manufacturing PMI remained subdued in September but was marginally better than the previous month's record low, an IHS Markit/Nikkei survey found. Where an increase was registered, firms cited stronger domestic demand.

Despite the overall increase in September, Chris Williamson, chief business economist at IHS Markit, expressed a concern about the report.

Manufacturing sector remained in growth zone for the second straight month. The upswing in purchasing costs was linked to rising commodity prices, the exchange rate and supply-chain constraints.

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The pound was already trading in the red ahead of the release, but edged lower to trade down 0.6% versus the greenback at 1.331. Also, during the first eight months of this year, construction spending is 4.7% higher than during the same period in 2016.

"There is a clear downturn in commercial construction, which is likely to continue".

Construction - which makes up 6% of the economy - has also been hit. Meanwhile, the decline in commercial development was the second-steepest since February 2013. New export orders also contracted.

These performances in the GDP and the orders for durable goods, including those for capital goods, beat many analysts' expectations.

Guian Angelo S. Dumalagan, Land Bank of the Philippines market economist, noted that "o$3 ne thing surprising about the report though is that exports provided minimal boost to the overall manufacturing sector, despite depreciation of the peso and the general improvement in economic conditions overseas".

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