AUD GBP Strengthens as UK Manufacturing Sector Slows More than Expected

Reuters

Reuters

Italy's manufacturing growth held steady at a six-and-a-half year peak in September, data from IHS Markit showed Monday.

Consensus suggests September's reading will put the manufacturing index at 56.3, down from 56.9 in August, amid a softening in the current activity component of the PMI.

The reading has now posted above the 50.0 no-change mark for 13th successive month. 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.

"Overall growth continued to be driven by sharp expansions in both output and new orders, which in turn contributed to another solid rise in employment, boosting hopes of a further fall in the unemployment rate", he said.

Meanwhile, the pace of job creation eased to the weakest since October 2016.

He said that the sector is "increasingly being buffeted by rising cost inflationary pressures, as rising commodity prices and higher import costs from the historically weak sterling exchange rate are being exacerbated by supply-chain capacity constraints and input shortages".

Szczur scores trying run in 9th in Padres' win over Giants
So, thanks to Sandoval's walk-off homer and Detroit's loss, the Tigers now hold the No. 1 pick in the 2018 draft, not the Giants . They can't finish with worse than the second pick, but after a season as brutal as this one, it should be the best or nothing.

"With cost pressures remaining elevated and margins being increasingly squeezed, it's only a matter of time before manufacturers raise prices which will likely impact the domestic demand that has been fuelling growth in the sector". However, the flipside comes in the form of the increasing cost pressures that manufacturers in the United Kingdom face from Sterling weakness, which in turn increases the cost of imports. There were reports of increased sales to Europe, the USA, China, and Brazil.

"The rate of expansion in new export orders also quickened in September", the Nikkei's IHS Markit reported.

Malaysian manufacturers continued to raise their staffing levels despite the ongoing decline in new work.

The survey mentioned that the increasing costs of raw materials affected the production plans of firms.

Non-metallic mineral products (75.5 points) hit a new record high, reflecting the strength of demand for building-related products.

The PMI rose to a seasonally adjusted 55.0 last month from 54.6 in August.

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