Economy

U.S. manufacturing continues recovery in August

U.S. manufacturing continues recovery in August”

Manufacturing operating conditions in Turkey continued its recovery in August thanks to strong customer demand supporting further marked increases in output and new orders, according to a closely watched business survey released on September 1.

Other notable metrics in the report included: a 6.2% decline in inventories, to 45.8, down after two months of growth; a 6.6% increase in prices, to 64.2, increasing at a faster rate for the fifth consecutive month; and backlog of orders, at 56.6, eking out a 0.7% increase, growing, at a faster rates, for the third consecutive month.

Meanwhile, gawking towards a gloomier side of the coin, adding that a bottlenecked USA economy had still not regained the footings lost in the spring, a Contingent Macro Advisor wrote in a client report, "Overall, the recovery in manufacturing has been swift, but levels of activity remain below the levels before the shutdowns".

Underscoring the uneven landscape, manufacturers of transportation equipment said "airline industry continues to be under great pressure". The index is based on a survey of 350 manufacturing supply executives. Overall, there was very surprisingly strong demand for the month of August. "We expected a recession, but it did not turn out that way", a fabricated metal products company told ISM.

From the United States, the ISM manufacturing PMI reported a better reading at 56.0 in August from 54.2 in July, and better than expectations for a reading of 54.5, and as long as the reading is above 50, the sector's growth will remain intact.

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According to the private survey, Chinese factories reported the first increase in new export orders this year in August as overseas countries eased COVID-19 restrictions to kick start their economies.

The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, rose to 52.0 in August from 46.0 in July, above the 50-level separating growth from contraction for the first time since March. "Petroleum & Coal Products sunk into contraction territory". "As the pandemic drags on. manufacturers, even those tied most tightly to goods spending, are hardly in the clear". Profits at China's industrial firms last month grew at the fastest pace since June 2018, data published on Thursday showed. Eight industries reported increased employment while seven said jobs were cut.

Improved factory activity, along with strength in housing and auto sales, suggest the fledgling recovery is beginning to broaden. A measure of customers' inventories dropped to its lowest level since June 2010, an indication that orders could rise further. Inventories slipped 2.6%, to 38.1, which ISM described as a level that is "too low" and has been down for 47 months straight. It said "long-term labor market growth remains uncertain". "China trade. "Get out of China now" is resonating".

"Recovery in manufacturing is continuing though output remains subdued compared to pre-pandemic levels", Rubeela Farooqi of High Frequency Economics said in an analysis.



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