Solid U.S. factory orders, business spending on equipment point to enduring manufacturing strength; UK manufacturing maintains growth despite demand and supply disruption driving up costs; German factories humming, supply shortages constrain growth – PMI.
Solid U.S. factory orders, business spending on equipment point to enduring manufacturing strength
New orders for U.S.-made goods increased more than expected in June, while business spending on equipment was solid, pointing to sustained strength in manufacturing even as spending is shifting away from goods to services.
The Commerce Department said on Tuesday that factory orders rose 1.5% in June after advancing 2.3% in May. Economists polled by Reuters had forecast factory orders increasing 1.0%.
UK manufacturing maintains growth despite demand and supply disruption driving up costs
British manufacturers are continuing to grow but face soaring costs due to increased demand and persisting supply chain problems caused by the COVID pandemic.
The sector exceeded expectations in the monthly IHS Markit/CIPS Purchasing Managers’ Index (PMI) survey released on Monday. It showed a reading of 60.4 last month, down from 63.9 in June. Despite the fall, the July score signals high growth, and significantly outstrips the 57.1 reading that economists had expected for the month.
Source: Sky News.
German factories humming, supply shortages constrain growth – PMI
Faster growth in new orders and employment boosted Germany’s manufacturing sector in July, when an expansion gained pace after briefly losing momentum in May, a survey showed on Monday.
IHS Markit’s final Purchasing Managers’ Index (PMI) for manufacturing, which accounts for about a fifth of the economy, rose to 65.9 in July from 65.1 in June. The July reading was the third highest since the survey began in 1996.
The industrial sector in Europe’s largest economy has been humming along during the pandemic almost undisturbed by COVID-19 restrictions and helped by generous state support measures.