United Kingdom factory growth cools in December from four-year highs - PMI

United Kingdom factory growth cools in December from four-year highs - PMI

United Kingdom factory growth cools in December from four-year highs - PMI

The final figure, unchanged from the initial flash reading, was far above the 50 line that separates growth from contraction, as Europe's largest economy ended 2017 on an unusually strong footing.

The manufacturing sector employed less people as the sub-index of employment dropped 0.3 percentage points month on month to 48.5 in December.

Both new export orders and overall new business received by manufacturers increased at the quickest clip in four months, according to the survey, which is sponsored by Caixin and compiled by global information and data analytics provider IHS Markit Ltd.

The performance was driven by a growth in new orders, with December's level of production the strongest in the current 17 month sequence of growth, and third-fastest in the Investec Manufacturing PMI Ireland surveys history. The modest increase in output in December followed broadly unchanged production volumes in November.

The moderate decline in headline PMI was mainly attributable to the lower inventory, while production growth remained solid despite the "unfavorable working day effect", as there were two fewer working days in December 2017 compared with a year ago, said a CICC research report.

United Kingdom factory growth cools in December from four-year highs - PMI

China's economic growth results are expected to remain stable not only in 2017 economic reports yet to be released but also in 2018, despite a slight decline in a major index measuring the expansion of the manufacturing sector in December, analysts said.

China's GDP, a measure of economic growth, rose by 6.8% year-on-year from July to September, slowing from a 6.9% pace in the first and second quarters.

The NBS also said that China's official nonmanufacturing PMI rose to 55 in December, up from 54.8 in November. The level of new contracts received from overseas - mainly from Asia, the United States and Europe - rose at the fastest rate in the history of the survey.

On the price front, Dodhia said July's Goods and Services Tax (GST) continued to lead to greater raw material costs, with input cost inflation accelerating to the sharpest since April.

The slowdown will continue into 2018 as the government moves forward with its supply-side structural reforms that include curbs on capacity in many industrial sectors.

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