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Manufacturing growth slows in October - PMI
04 November 2018, 05:20 | Joann Bryant
China's Manufacturing Sector Expands Marginally
The UK-wide survey indicated that the decline in manufacturing orders was linked to lower inflows of new work from overseas and softer growth of domestic demand.
A reading greater than 50 indicates the sector is growing, while a reading below 50 signals a contraction.
China's manufacturing sector expanded at its slowest pace in more than two years in October, due mainly to the intensifying trade war with the United States and the National Golden Week holiday that started on 1st October.
Globally, the data showed a divergence between developed and emerging markets. That was up from a six-month low of 52.1 in September and above all the forecasts in a Reuters poll of economists. The overall volume of inputs purchased continued to rise in October, but at the slowest rate in seven months.
"The expansion across the manufacturing sector was still weak". The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. "The pressure on production costs didn't ease".
But it remained above the 50-point mark that separates expansion from contraction for a 27th consecutive month.
October was the first full month after the latest US tariffs went into effect.
Comments submitted by ISM member respondents included in the report were largely bearish, with many citing concerns related to tariffs and trade, as well as supply chain issues, among other areas.
Construction companies' future expectations were the weakest since December 2012, when Britain's economy was still struggling to emerge from the effects of the global financial crisis. Analysts believe business conditions will get worse before getting better.
Cost burdens increased during October, the report found, fuelled by rising raw material prices, particularly for steel and timber. That could put a further squeeze on profit margins, and risks setting off a vicious circle of lower business investment, job losses and deepening gloom for the broader economy.
"The increasingly bullish mood was also reflected in one of the largest monthly increases in factory payroll numbers seen over the past seven years as firms grew capacity to meet rising workloads".
Policymakers at the European Central Bank are expected to shutter their 2.6 trillion euro bond-buying programme by the end of the year and the latest survey of purchasing managers will likely make uncomfortable reading.
President Trump has imposed tariffs on $250 billion of China's annual exports to the USA and has threatened to target all of its $500 billion export goods trade with levies if the country's leadership does not abandon its "unfair" trade practices.
Autralia'sbumper trade balance comes at a cost of exports declining by -1%.
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