German factory growth hits record high in December: PMI

Chinese industry

Growth in Australia's manufacturing sector moderated slightly in December, but continued its unbroken run of either expanding or stable conditions that began in October 2016. The 50-mark divides expansion from contraction on a monthly basis. The December figure was the highest reading since August.

"With global growth expected to improve to a seven year high in 2018, we think that firms are right to be confident about their prospects for this year", Mr O'Sullivan said.

Demand from North American customers was particularly strong during December, the report found.

Another major tech producer, Taiwan, saw manufacturing activity hitting its highest since April 2011 at 56.6 last month, according to a December survey.

The World Bank last month raised its projection for China's gross domestic product (GDP) previous year to 6.8%, up from its October estimate of 6.7%, citing support from strong exports and robust domestic household consumption.

While growth in new business, output, export orders and employment slowed in December, the PMI stayed above its average for 2017 as a whole.




"The outlook is also reasonably bright, with over 50 percent of companies expecting production to be higher one year from now". The pace of job creation was the strongest since September.

The latest economic growth rate is a tick lower than the 6.9 percent growth in the previous three-month period.

"A lingering concern is that supply-side constraints pose a risk to the sector's ability to kick on", Smith said, adding that huge delivery delays would inevitably be borne out by sustained upward pressure on input costs.

The moderate decline in headline PMI was mainly attributable to the lower inventory, while production growth remained solid despite the "unfavorable working day effect", as there were two fewer working days in December 2017 compared with a year ago, said a CICC research report.

The Caixin manufacturing PMI for December compares with a decrease in the official PMI released by the National Bureau of Statistics (NBS) on Sunday.

"Weak domestic demand was reported as the key reason behind lower volumes of new business, as new export orders rose for the second month in succession".

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