China and UK Manufacturing Expands in October
China Manufacturing The HSBC China Manufacturing PMI, compiled by Markit, increased to expanded in October to 54.8 from 52.9 (+1.9) in September. This was one of the larger monthly increases since the PMI was started in April 2004. Key points noted in the report:
* Strong domestic demand drives production higher
* New export orders rose only modestly
* Input price inflation the fastest in over two years
Commenting on the China Manufacturing PMI survey, Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC said: “Another upbeat reading for the HSBC China Manufacturing PMI suggests the strong growth momentum in domestic demand to warrant around 9% GDP growth in 4Q, despite the still soft increase in new exports orders. The jump in output prices reflects higher input costs amidst strong demand, which also heralds a higher CPI likely to reach its cyclical peak in October.”
(Reuters) "China Defies Slowdown Predictions": November 01 - China's October PMI beats all estimates, hits 6-month high despite week-long holiday last month; inflation a concern ahead.
UK Manufacturing The Markit/Chartered Institute of Purchasing and Supply Manufacturing PMI expanded in October to 54.9 from 53.5 (+1.4) in September. September was a 10-month low. Rob Dobson, senior economist at survey compiler Markit, said: "An improvement in the UK Manufacturing PMI for the first time since May's 15-year high will provide reassurance that manufacturing remained a driver of UK economic growth at the start of the final quarter."
(Reuters) "UK Manufacturing Rises Unexpectedly": Nov. 1 - British manufacturing peaked in October after 10 month lows, up 54.9, but public spending cuts and job losses may still affect growth.Ingrid Smith reports.
UK Manufactuing PMI increases to 54.9
About the PMI
The PMI, a manufacturing metric: A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting. A PMI is generally a composite of several indexes, including New Orders, Production, Employment, Supplier Deliveries, and Inventories.
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