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Stars align as Australian manufacturers record strongest month since 2002

02 September 2017

Production advanced at the steepest pace in seven months in August, driven by faster intakes of new work received.

In China, the private Caixin/Markit survey showed new business grew at the strongest pace in more than three years in August.

The Caixin China General Manufacturing Purchasing Managers' Index (PMI) stood at 51.6 for August, up from 51.1 in July, according to the survey conducted by financial information service provider Markit and sponsored by Caixin Media.

The stronger performance of the manufacturing sector filtered through to the labor market in August.

Job creation was reported despite backlogs contracting for the fifteenth consecutive month, the release said, adding that although the rate of decline was weaker than that for July, it was faster than the index series average.

The stronger-than-expected reading indicates that United Kingdom manufacturing is expanding at a faster pace.

Mr Dobson said it looked likely that manufacturing would keep up its growth in the near term because the pick-up was being felt across the sector and among small and large firms alike.

On the price front, survey showed that input price inflation ticked up for the first time in six months.

The dollar held stronger in Asia on Thursday with China manufacturing data coming in better-than-expected and investors generally upbeat on the regional view and chance s for USA tax cuts later this year.

India's economic growth slipped to a three-year low of 5.7 per cent in April-June as disruptions caused by demonetisation spilled over to the third straight quarter amid slowdown in manufacturing activities.

"Alongside the weight of good news, the recent lift in the value of the Australian dollar is dampening the outlook for sales growth both in export and the domestic markets".

While remaining elevated, United Kingdom inflation unexpectedly eased from 2.9% to 2.6% in July.

Stars align as Australian manufacturers record strongest month since 2002