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India manufacturing PMI slows to 47.9 in July

02 August, 2017, 00:49 | Author: Samuel Sharp
  • China reports official manufacturing PMI for July

French shares rose on Tuesday as oil prices surged above $50 a barrel and a private measure of Chinese manufacturing activity hit its highest level in four months in July, adding to optimism that the Chinese economy is performing better than previously thought. It is expected that the index will see a modest increase to 54.4 from 54.3 last month.

Steve Keen, Professor of Economics at Kingston University, told Sputnik in June thatBrexit was a significant event which got everyone's attention, but many ignored a much more significant process - an actual decline in manufacturing in general.

The headline PMI reading slipped to 55.3 in July from 56.4 in June, data compiled by IHS Markit showed. Weak demand in combination with challenges economic conditions and a delay in clients' orders resulted in the continuing drop in production volumes in Indonesia's manufacturing sector in July.

"Expected growth underpinned a slight increase in employment, the second time in the past three surveys that a rise in workforce numbers has been recorded", the report said.

High-tech and equipment manufacturing led the expansion in July, with their sub-indexes higher than the overall sector's PMI.

Lee Hopley, chief economist at EEF, the manufacturers' organization, said that the survey shows British manufacturing is on top form and "riding high going into the second half of the year". Regional data suggests continuing the underlying consistent tone, even with some evidences of slower growth in some surveys. Economists forecast the index to rise to 54.5 in July from 54.3 in June.

Rob Dobson, Director at IHS Markit, said the third quarter of 2017 gave manufacturers "a solid footing": "UK manufacturing started the third quarter on a solid footing".

Yesterday's data came after a slew of economic indicators that showed China's economy steadily stabilizing and improving.

For China's macro-economic policy makers, the pressure of supporting growth is gradually lessening, according to CITIC Securities. Recent comments from the bank's governor "Lowe" suggests that the fundamental policy stance will be neutral, despite that the statement will remain important for the fundamental policies expectations and market confident.



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