China August official services PMI slips to 53.4, lowest since May 2016

Ray Dalio
China official Manufacturing and Non-manufacturing PMIs(August) coming up today - preview
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02 September, 2017

The IHS Markit/CIPS purchasing managers' index for the United Kingdom manufacturing sector jumped to 56.9, a four-month high, in August from an upwardly-revised 55.3 in July, easily exceeding the 55.0 consensus forecast in a poll of economists.

Although August's mark is still above 50, "the decline in the PMI shows signs of a renewed stuttering of the manufacturing economy", said Chris Williamson, IHS Markit chief business economist.

Growth in new orders weakened to the slowest pace in eight months at 54.4, down from 56.4 the month before.

Manufacturing also expanded solidly in the world's No.3 economy, Japan, as domestic and export orders picked up.

ADP employment data for August estimated private-sector payrolls rose by 237,000 compared a consensus estimates of 185,000.

Going forward, Indian manufacturers remained cheerful around growth prospects, but concerns about the possibility of unexpected policy decisions weighed on confidence and the level of sentiment fell from July's 11-month high.

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But he added: "Investment growth has cooled recently and we anticipate a further slowdown as the impact of tighter monetary conditions continues to feed through".

A day earlier ratings agency Moody's adjusted China's 2017 growth expectation to 6.8 percent based on the first and second quarter - which both came in at 6.9 percent.

Australian manufacturing recorded its highest monthly expansion for 15 years in August, according to the latest industry figures.

The rebound suggests that India's economic growth rate, which unexpectedly slipped to three-year low of 5.7 percent in the April-June quarter from a year ago, may also improve in the current quarter.

The Dutch factory activity grew at the fastest pace in six-and-a-half-years in August, survey data from IHS Markit showed Friday. Still, the PMI report showed input costs rising due to higher prices for energy, fuel and metals.


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