Stars align as Australian manufacturers record strongest month since 2002

Stars align as Australian manufacturers record strongest month since 2002

The IHS Markit/CIPS purchasing managers' index for the United Kingdom manufacturing sector jumped to 56.9, a four-month high, in August from an upwardly-revised 55.3 in July, easily exceeding the 55.0 consensus forecast in a poll of economists.

"Today's official PMI readings suggest that industrial output defied a slowdown in the broader economy last month", Julian Evans-Pritchard of Capital Economics said in a note.

The index for new export orders was also revised down to 51.3 from a flash reading of 52.2.

Manufacturing output declined to 54.3 from 56.3, though some survey respondents reported having a greater number of projects in the pipeline.

United Kingdom manufacturing activity surprised to the upside in August as business confidence picked up.

Going forward, Indian manufacturers remained cheerful around growth prospects, but concerns about the possibility of unexpected policy decisions weighed on confidence and the level of sentiment fell from July's 11-month high.

Trump to present plan for reviving peace talks
Even before the meeting، PA officials expressed pessimism that Washington's peace efforts could bear fruit. We believe that both parties should be able to find a workable solution that works for both of them".

There was solid growth across the consumer, intermediate and investment goods sectors.

"Production and employment lifted and new orders grew strongly in a month of broad-based expansion across the sector".

"Alongside the weight of good news, the recent lift in the value of the Australian dollar is dampening the outlook for sales growth both in export and the domestic markets".

"In addition, manufacturers' optimism regarding future production growth only edged up in August to its five-year average, suggesting that they will invest only cautiously in extra capacity".

The latest official data showed retail inflation rose 2.36 percent in July on an annual basis after easing for three consecutive months. Efforts to reduce costs led many manufacturers to cut payroll jobs, but the pace of firings was the lowest in three months.

"The key question is whether this positive start to the second half of the year can be sustained".

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