India's manufacturing sector rebounds in August

India's manufacturing sector rebounds in August

India's manufacturing sector rebounds in August

The Caixin China manufacturing PMI for August came in at the six-month high of 51.6, topping a Reuters analyst poll. The seasonally adjusted Purchasing Managers' Index (PMI) - a composite indicator created to provide a single-figure snapshot of operating conditions in the manufacturing economy - registered 51.6 in August, up from 51.1 in July to signal an improvement in overall operating conditions.

China's factories have continued their rebound, with activity expanding at a faster than expected pace while new orders have hit a three-year high.

Companies reported the strongest intake of new orders since May, bolstered by the weaker pound.

The PMI reading, given between 0-100, measures activity in the sector - anything above 50 signals growth, while anything below means contraction.

Sterling - which is around 13% lower than its pre-referendum level against the dollar - has been a key driver of the resurgence in the United Kingdom manufacturing sector since last June, and that remained the case in August, IHS Markit said.

The latest numbers follow trade data released earlier in August showing that growth in both exports and imports slowed from July, in a discouraging sign for demand.

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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.

Input prices increased at a faster pace for the first time in 7 months while there was a slight slowdown in the rate of increase for output prices.

The rate of growth was little changed from July's five-month high.

Prime Minister Narendra Modi's shock move last November to scrap high-value banknotes late a year ago has continued to weigh on overall economic activity.

Greece's jobless rate stood at 21.7 percent in May, the highest in the euro zone.

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