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India manufacturing growth slows again in March

India manufacturing growth slows again in March”

"On the price front, rising input costs drove up average selling prices in the manufacturing sector", the Istanbul Chamber of Industry noted.

Looking at the monthly Global Manufacturing Purchasing Managers' Index (PMI) for key sourcing countries, the USA has hit on a high growth period, though looming cost increases that could come from newly levied tariffs could curb that growth in the coming months. The overall pace of growth nevertheless remains robust by historical standards, with decent PMI readings seen in all countries, including Greece, to indicate a steady, broad-based expansion.

But the performance completes a relatively weak quarter for the industry after a mini-boom at the end of a year ago.

IHS Markit's final manufacturing Purchasing Managers' Index (PMI) for the euro zone sank to an eight-month low of 56.6 in March from 58.6, in line with an earlier flash estimate and still comfortably above the 50 mark that separates growth from contraction.

Whatever higher production occurred is mainly linked to new order growth and favourable demand conditions, the survey pointed out. Jobs growth was signalled for the forty-third straight month, although the pace of increase eased to a seven-month low.

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Although the PMI is positive, it's the lowest in a year; in the last quarter of 2017 the PMI surged by 1,3%.

Meanwhile, new orders continued to decline in March as firms continued to decrease their purchasing activity and pre-production inventories, reflecting poor demand conditions.

The growth in manufacturing sector deaccelerated to a five month low in March.

The composite indicator of manufacturing performance increased to 51 in March 2018 from 52.1 reported for February. The peso's depreciation against the USA dollar didn't help matters either. Still, charges rose at only a modest pace, to suggest that manufacturers' margins remained under pressure.

Manufacturing activity continued expanding in March, but at a slower rate than the month before, according to latest figures from the Institute for Supply Management (ISM). It marginally downgraded its GDP forecast to 7.3% for fiscal 2018 year. The willingness of companies to restock waned as, apart from a slower expansion in output, the growth rates in stocks of finished goods and stocks of purchases also declined in March.



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