Demonetisation takes toll on manufacturing, PMI falls below 50

Italy's December manufacturing PMI rises to six-month high

Today 3:53 am Italy's December manufacturing PMI rises to six-month high Reuters Reuters

Swedish manufacturing sector expanded at the fastest pace since 2011 during December, on the back of strong production growth, survey results from Swedbank and the logistics group SILF showed Monday.

Poland's Purchasing Managers' Index (PMI) jumped to 54.3 points in December, according to Markit, a provider of financial information services, the highest result since July 2015.

That was slightly above a flash reading and well above the 50 line that separates growth from contraction.

"PMI data for December indicated that the rupee demonetisation took a toll on manufacturing performance", the survey report showed.

In December among the sub-indices that comprise the PMI, the production volume index fell from November but stayed above the 50 mark for the twelfth month in a row.

"Having held its ground in November, following the unexpected withdrawal of Rs 500 and 1,000 bank notes from circulation, India's manufacturing industry slid into contraction at the end of 2016", Pollyanna De Lima, Economist at IHS Markit and author of the report said in a statement.

"Concurrently, manufacturers lowered output accordingly", it added.

Expansions of output and new orders underpinned the overall improvement in conditions, Market said, noting that new business increased for the 25th consecutive month with the rate of growth just below the record over that period. "Businesses also highlighted challenging conditions in external markets, with a fall in new business from overseas ending a six month sequence of growth", according to the survey.

Purchased stocks fell in December.

Purchasing increased, though at a slower rate, leading to a further rise in pre-production inventories that was nevertheless the slowest in six months.

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