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Manufacturing sector shows record growth in December

Manufacturing sector shows record growth in December

Poland's manufacturing activity expanded at the fastest pace in almost three years in December, survey data from IHS Markit showed Tuesday.

The Nikkei Malaysia Manufacturing Purchasing Managers' Index (PMI) contracted to 49.9 points in December 2017 as business conditions in the sector broadly stagnated. It was also lower compared to the 55.7 reading posted a year earlier.

Among components, output, employment and new orders all expanded at faster rates, with the latter posting the sharpest increase since February 2015.

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Manufacturing activity has remained above the 50 mark separating growth from contraction since June 2013 when Ireland was approaching the end of a three-year worldwide bailout programme.

The Caixin survey showed Chinese manufacturers ramped up buying activity at the fastest rate in four months in December to meet higher production needs. "Although new order growth eased, firms continued to ramp up production and took on extra staff at a near-record pace, reflecting the success they have had in securing new work over recent months", associate director at IHS Andrew Harker said.

However, Zhong cautioned that "downward pressure" on growth next year will remain due to "tightening monetary policy and strengthening oversight on local government financing". Moreover, output growth slowed to a modest pace. "Industry in Việt Nam therefore looks to be in good shape heading into 2018", Andrew added. It also vowed to keep a tighter grip on the money supply in a much more hawkish message than it had at the previous year's meeting. "This outlook was shared by the manufacturing community as sentiment picked-up to the strongest in three months amid expected improvements in market conditions over the next 12 months". The Caixin China General Services Business Activity Index will be published on Thursday.

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