CBN: Nigeria's Manufacturing PMI rises to 56.9 in April

CBN: Nigeria's Manufacturing PMI rises to 56.9 in April

Bad weather added to weak demand to drag down overall economic growth in the first three months of the year, so a recovery in the sector could give UK GDP a much-needed boost from April onwards.

Indian factory growth accelerated in April on strong domestic demand and output, a business survey showed on Wednesday, while price pressures were subdued in a comforting sign for the central bank as it seeks to temper inflation without hurting the economy.

The long and short of the ISM reading is that new orders, production and employment are all still growing, at a time that supplier deliveries are slowing at faster rate and while order backlogs are growing.

New business rose for the sixth consecutive month.

Reflecting weak demand conditions, purchasing activity fell across Malaysia's manufacturing sector for the fifth successive month during April.

British manufacturing growth last month slid to a 17-month low, sending sterling sinking and further reducing the chances of an interest rate hike by the Bank of England (BoE) next week.

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However on a bright note, input inflation appears to soften as input cost inflation remained broadly in line with the historical average, albeit still rising sharply.

"All in all, Markit's manufacturing survey provides more evidence that the economy has fundamentally slowed this year, strengthening the case even more for the MPC [Monetary Policy Committee] to hold back from raising interest rates later this month", said Samuel Tombs, the London-based chief economist for United Kingdom consultancy Pantheon Macroeconomics. The distance away from 50 indicates how quickly activity levels are expanding or contracting.

Meanwhile, divergences were recorded for both pre- and post-production stocks.

Part of the increase in purchase prices was passed on to clients in the form of higher output charges in April. The contraction quickened to a solid pace that was the fastest since the end of 2017.

"There were some positives reported by construction firms in April as optimism rose to its highest level since May 2017 and an increase in workforces was reported in anticipation of a better second quarter of the year".

"Following successive months of softening output growth through February and March, Japan's service sector started the second quarter by gathering some momentum", said Joe Hayes, economist at IHS Markit, which compiles the survey.

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