Manufacturing industry output pushes to four-month high

Ray Dalio

India's services PMI (Purchase Managers' Index) from July's 101-month low of 47.9 to 51.2 in August, 2017, according to Nikkei. A reading above 50 indicates expansion, while a reading below that signals contraction.

The index for new export orders was also revised down to 51.3 from a flash reading of 52.2.

China's factories have continued their rebound, with activity expanding at a faster than expected pace while new orders have hit a three-year high.

To cope, companies stepped up the pace of hiring, which Gill said a current upswing in employment still had "far from run its course".

That echoed similarly robust official data on Thursday suggesting the industrial sector is continuing to prosper from a year-long, government-led building boom.

The Office for National Statistics (ONS) confirmed last month that Britain delivered the slowest growth in the second quarter out of the G7 group of nations, expanding by 0.3% for April to June, up from 0.2% during the first three months of the year.




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.

Rob Dobson, a director at IHS Markit, which compiles the survey, said: "At the moment, the survey data suggest that the manufacturing economy remains in good health despite Brexit uncertainty, and should help support ongoing growth in the economy in the third quarter".

On the price front, survey showed that input price inflation ticked up for the first time in six months.

The central bank has cut the benchmark Selic interest rate aggressively to protect the fragile recovery, with 12-month inflation at its lowest in eighteen years.

Prime Minister Narendra Modi scrapped high value currency notes past year in a bid to fight corruption and wipe out black money.

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