Tuesday, 22 January, 2019

Brexit stockpiling gives short-term boost to United Kingdom manufacturing

Sharp reductions in production and new business pushed the Malaysian manufacturing headline index deeper into negative territory in December Manufacturing growth slows in December - PMI
Russell Knight | 06 January, 2019, 15:00

Growth in the United Kingdom construction sector eased to its slowest rate in three months in December but business optimism has sharply risen.

The country's Manufacturing Purchasing Managers' Index was 54.5 in December, down from 55.4 in November and the lowest level in nine months. Reports from survey respondents indicated that concerns about the domestic economic outlook had weighed on business expectations for 2019.

Economists said GDP growth in the final quarter was now set to plunge to 0.1% from a rate of 0.6% in the third quarter, falling well short of the 0.3% expected by the Bank of England and the Treasury.

The slowdown, the index said, reflected "softer rises" in commercial and housing activity in December, with commercial building the worst performing category.

"Stocks of purchases and finished goods both rose at near survey-record rates, while stockpiling by customers at home and overseas took new orders growth to a ten-month high".

Chris Williamson, chief business economist at IHS Markit, said that the USA service sector's growth may continue to moderate in coming months.

The latest numbers from British manufacturers are in stark contrast to numerous world's top economies, which posted a contraction last month.

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So I'm just going to stay here", Kanter said of the decision to not travel to London with the rest of his team. Kanter has averaged 14.4 points, 10.7 rebounds and 2.0 assists per game through 39 games played this season.

Viet Nam's PMI was 53.8 in December, signalling solid improvement in the health of the Vietnamese manufacturing sector.

Manufacturers continued to add to their workforce numbers in December, but the rate of job creation slowed from the survey-record peak seen in the previous month.

Although the Markit/Cips service sector PMI rose slightly to 51.2 last month from 50.4 in November, the rate of increase in business activity was one of the slowest since the Brexit referendum in 2016.

Employment growth in the services sector was softer in December as firms aimed to cut costs. Uncertainties regarding Brexit disruption on supply chains and the exchange rate are also weighing on business confidence.

However there was some positive news, with Markit adding that December had seen the strongest expansion in factory activity since June, with more new businesses joining the sector. The pace of inflation fell to an 11-month low.

Williamson also said that the inflationary forces in the United States cooled in December 2018 mainly as lower oil prices helped to alleviate upward cost pressures from tariffs.

Another relatively weak rise in business and consumer spending contributed to a lack of new work to replace completed projects in December. This was the first reduction since February 2016.

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