Tag: output

Markit: China’s Manufacturing Sector Slowed Once More, Down to its Lowest Level Since March 2009

The Caixin Flash China General Manufacturing PMI declined from 47.8 in July to 47.1 in August, its lowest level since March 2009. The Chinese manufacturing sector continues to struggle, with its PMI data contracting for the sixth consecutive month. Manufacturing activity was down across-the-board, including new orders (down from 47.2 to 46.3), output (down from 47.1 to 46.6), exports (down from 46.9 to 46.0) and employment (down from 47.2 to 46.0). The new orders figure was also at a post-recessionary low. Indeed, a number of economic statistics continue to reflect decelerating activity levels, particularly relative to the paces observed earlier in the year or last year. These include industrial production, fixed asset investments and retail sales. With that in mind, the Bank of China has devalued the yuan, down 2.9 percent in the past two weeks, and the Shanghai Composite Stock Market Index has plummeted more than 32 percent since June 12. Such sharp moves have prompted growth worries in financial markets around the world. (continue reading…)

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Markit: Chinese Manufacturing Activity Slipped Further into Negative Territory in July

The Caixin Flash China General Manufacturing PMI dropped from 49.4 in June to 48.2 in July, its lowest level since April 2014. Chinese manufacturing activity has now contracted in 7 of the past 8 months, continuing a deceleration trend in that nation’s economy. Indeed, all of the PMI subcomponents were in negative territory in July, with most of them slipping further. This included new orders (down from 50.3 to 48.1), output (down from 49.7 to 47.3) and exports (down from 50.3 to 46.6), with domestic and foreign demand declining once again after stabilizing slightly in June. Employment (up from 46.6 to 47.4) fell at a slower pace for the month, and yet, hiring has now decreased in 27 of the past 28 months. These data are consistent with recent economic indicators from China, which have reflected slower growth, particularly relative to the rates experienced at the end of last year or earlier. (continue reading…)

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Markit: Eurozone Manufacturers Report Fastest Growth since April 2014

The Markit Flash Eurozone Manufacturing PMI increased from 52.2 in May to 52.5 in June, its fastest pace of growth since April 2014. (The composite measure, which adds in services, rose to a 49-month high.) For manufacturers, output (up from 53.3 to 53.5) and employment (up from 51.6 to 52.0) both edged higher, with each expanding modestly. At the same time, there were slight easings for new orders (down from 52.7 to 52.5) and exports (down from 53.2 to 52.6). Nonetheless, the underlying story is a positive one, with Europe making significant progress in recent months and brushing off possible risks from Greece. With that said, robust growth continues to be elusive, with real GDP up 0.4 percent in the first quarter and industrial production up just 0.1 percent in April. On a year-over-year basis, the Eurozone grew 1.0 percent, with industrial output up 0.8 percent. (continue reading…)

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Markit: U.S. Manufacturing Activity Slowed in May; Europe Improved, but China Contracted Once More

The Markit Flash U.S. Manufacturing PMI declined from 54.1 in April to 53.8 in May, easing to its lowest level since October 2013. It was the second straight monthly deceleration in manufacturing activity, and the slowing in May reflected slower growth in new orders (down from 55.3 to 54.2) and output (down from 55.3 to 55.0). Exports (up from 48.8 to 49.6) continued to contract, but declined by less for the month. On the positive side, hiring (up from 53.7 to 54.3) accelerated to its fastest rate in six months. Moreover, even with some weakening in sentiment, the measures for demand and production growth for U.S. manufacturers remains decent overall. (continue reading…)

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Manufacturing Productivity Declined for the Second Straight Quarter

The Bureau of Labor Statistics said that labor productivity in the manufacturing sector fell 1.1 percent in the first quarter, declining for the second straight quarter. This latest streak ended 11 consecutive quarters with positive productivity growth. The reduction in labor productivity in the sector in the first quarter stemmed from a 1.2 percent decrease in output, with the number of hours worked edging down 0.1 percent. As a result, unit labor costs increased 2.7 percent on higher real compensation costs. The year-over-year data were perhaps more encouraging, with labor productivity rising 1.4 percent, output up 3.8 percent and unit labor costs down 0.7 percent. (continue reading…)

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Markit: Slower Manufacturing Data in China, Europe and the U.S. in April

Manufacturing activity in China contracted for the fourth time in the past five months, according to preliminary data from Markit. The HSBC Flash China Manufacturing PMI dropped from 49.6 in March to 49.2 in April, its lowest level in 12 months. The decline stemmed largely from reduced domestic demand, with the new orders index down from 49.3 to 49.2. The employment index (up from 47.4 to 48.0) has now reflected contracting levels of hiring for 20 straight months. On the positive side, new export orders (up from 49.0 to 50.6) shifted to a slight expansion in April, and output (down from 50.8 to 50.4) expanded ever-so slightly, albeit at a slower pace this month. (continue reading…)

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Manufacturing Production Edged Marginally Higher in March

Manufacturing production increased 0.1 percent in March, according to the Federal Reserve Board. This followed three months of weaker data, including declines in both January and February. There have been some significant headwinds hitting the manufacturing sector over the past few months, including a strong U.S. dollar, weakened economic markets abroad, lower crude oil prices, the West Coast ports slowdown and weather. It is clear that these challenges have slowed activity in the sector since November. The year-over-year pace of manufacturing production in March was 2.4 percent, down from 4.5 percent in November. In addition, manufacturing capacity utilization was unchanged at 77.1 percent, down from 78.1 percent in November. (continue reading…)

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Markit: Chinese Manufacturing Activity Declined Again

The HSBC Flash China Manufacturing PMI reflected reduced activity again, down from 50.7 in February to 49.2 in March. It has contracted in three of the past four months now, reflecting a decelerated rate of growth in China. China has reduced its target real GDP growth rate for 2015 to 7 percent. New orders (down from 50.4 to 49.3), exports (up from 47.1 to 49.0) and employment (down from 49.3 to 47.0) were all below 50 in March – the threshold signifying growth. It was the reduction in demand that pushed the headline index lower. On the positive side, output (unchanged at 50.8) continues to expand very modestly for the month, and the decrease in input prices (up from 42.2 to 44.7) have helped manufacturers in terms of costs, even as the rate of decline was less in March. (continue reading…)

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Chinese Manufacturing Shifted to a Marginal Expansion in February

The HSBC Flash China Manufacturing PMI shifted to a marginal expansion in February, improving slightly after contracting for two straight months. The headline index increased from 49.7 in January to 50.1 in February. The underlying data were mixed. New orders (down from 50.8 to 50.4) and output (up from 50.1 to 50.8) grew slowly for the month, even as the pace of sales slipped a bit. At the same time, new export orders (down from 51.1 to 47.1) and employment (up from 49.1 to 49.3) declined on net. Export sales, in particularly, deteriorated to their lowest level since August 2013, which was disappointing. The index for hiring, which has contracted now for 24 consecutive months, increased to a 7-month high, with the pace of the decline decreasing. Final PMI data will be come out on Monday, March 2.    (continue reading…)

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Markit: European Manufacturing Activity Improved in February Ever-So-Slightly

The Markit Flash Eurozone Manufacturing PMI edged ever-so-slightly higher, up from 51.0 in January to 51.1 in February. This suggests very modest growth in manufacturing activity in February, with better data for new orders (up from 50.6 to 50.9), output (up from 52.1 to 52.2) and exports (up from 50.7 to 51.8). Hiring in the Flash Eurozone Composite PMI, which includes all segments of the economy, rose to its highest level since August 2011, but this was primarily in the service sector. Indeed, for manufacturers, the pace of employment growth was unchanged in February at 50.6. (continue reading…)

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