Pound Falls As UK Factory PMI Rises Less-than-expected

Australia - Australian Industry Group Manufacturing PMI (September) 54.2 (prior 59.8)

Manufacturing PMI slows

Rob Dobson, a director at IHS Markit, said: "The latest PMI survey showed a modest deceleration in the rates of expansion in United Kingdom manufacturing production and new orders".

This is a little lower than the 56.7 from August, as growth slowed somewhat for September, but results for the sector are still above average, and both domestic and global demand remains strong.

Where an increase in output was registered, this was mainly due to rising intakes of new business.

PMI is an indicator of manufacturing sector's health based on sub-components such as new orders, output, employment, suppliers' delivery times, and stocks and purchases.

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The overall USA economy expanded at a 3.1 percent annual pace from April through June, fastest rate in more than two years.

"Order book gains continued to underwhelm relative to the historical trend - even as exports returned to growth - which weighed on hiring".

The pace of growth in the Canadian manufacturing sector edged up in September as companies saw increased demand for their products, while an increase in prices suggested firms were seeing inflationary pressures, data showed on Monday.

Against that background, the BoE surprised investors last month when its officials said they were likely to raise interest rates soon, citing a reduced tolerance for above-target inflation.

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A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.

"The weakened pound could also encourage some companies to switch to domestic sources for supplies, which would help manufacturers of intermediate products". Both input and output costs are rising at a greater rate ad this has again increased vendor lead times to the longest for nearly six and a half years. Factories, he said, "are really struggling to meet demand".

"I still expect Philippine manufacturing to grow in 2017, especially as more and more investments are anticipated from the government's thrust of increasing infrastructure spending plus the impact of further tax reform when corporate taxes are eventually adjusted to be comparable regionally", added Mr. Dumalagan. "Not only did the cheaper currency fail to provide a boost to exports, it raised the costs of imports", IHS Markit Principal Economist Bernard Aw said.

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