Spain's Manufacturing Sector Growth Accelerates

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

The latest IHS Markit/CIPS Manufacturing Purchasing Managers' Index (PMI) posted a figure of 55.9 in September 2017, as expansion in the United Kingdom manufacturing sector continues. The reading signalled a solid monthly strengthening of business conditions, with the rate of improvement the most marked since April.

"The anecdotal evidence has highlighted an improvement in customer demand over the month".

"For September, the decline in the CBI's industrial trends survey suggests that sentiment moderated over the month and we look for the headline PMI index to fall to 56.0", says Nikesh Sawjani, an economist at Lloyds Banking Group.

"On the bright side, employment rose for the third successive month", the economist added. All three broad sectors saw a production increase, led by consumer goods firms.

"Order book gains continued to underwhelm relative to the historical trend - even as exports returned to growth - which weighed on hiring". Some panellists also mentioned that staff shortages contributed to the build-up of outstanding business.

Manufacturers also used inventories to help fulfill new orders in September.

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While inflation in the region failed to accelerate in September, European Central Bank policy makers who will decide in October how to recalibrate asset purchases can take comfort from the fact that the buoyant expansion is starting to push prices higher.

Production input costs rose at their fastest pace in five months, the report read. That said, the rate of inflation slowed to the weakest since May and was modest. As a outcome, stocks of purchases also declined.

Suppliers' delivery times continued to lengthen, albeit to the least extent in the current eight-month sequence of longer lead times.

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

Mr Dobson said: "Although it looks as if the sector made solid progress through the third quarter as a whole, the growth slowdown in September is a further sign that momentum is being lost across the broader United Kingdom economy".

"A cautionary note, though, is signalled by the re-emergence of inflationary pressures". The decrease in output was associated with subdued demand conditions and, in some cases, a limited supply of raw materials.

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