U.S. Factory Orders Rise Solidly; UK Manufacturing Production Rises 0.2% MoM in September vs. +1% Expected; Europe’s Resilient Manufacturers Bounce Back From Virus; Australian Manufacturing Growing Again.
U.S. Factory Orders Rise Solidly
New orders for U.S.-made goods increased solidly in September, but further gains could be limited amid an anticipated slowdown in consumer spending as government money for businesses and workers impacted by the COVID-19 pandemic runs out.
The Commerce Department said on Tuesday that factory orders rose 1.1% after climbing 0.6% in August. Orders were boosted by increased demand for primary metals, computers, and electronic products as well as motor vehicles and fabricated metal products.
UK Manufacturing Production Rises 0.2% MoM in September vs. +1% Expected
The Office for National Statistics (ONS) published the UK industrial and manufacturing production data on Thursday, suggesting that the recovery momentum in Britain’s industrial sector lost steam in September.
Manufacturing output arrived at 0.2% MoM in September versus 1.0% expectations and 0.7% booked in August, while total industrial output came in at 0.5% vs. 0.8% expected and 0.3% last.
On an annualized basis, the UK manufacturing production figures came in at -7.9% in September, missing expectations of -7.4%. Total industrial output plunged by 6.3% in September, against a -6.1% reading expected and the previous -6.4% print.
Source: FX Street.
Europe’s Resilient Manufacturers Bounce Back From Virus
Factories across Europe are buzzing with activity again, encouraging some industrial bosses to invest in extra production as they shrug off the rise in coronavirus infections that is casting a shadow over the continent’s economic recovery.
Source: Financial Times.
Australian Manufacturing Growing Again
The Australian Industry Group’s Performance of Manufacturing Index has suggested a strong recovery for the country’s manufacturing sector in October.
The overall PMI result was 56.3, up 9.6 points on September’s figure.
Any result over 50 indicates expansion, below it contraction, and a result of 50 indicates no change.
The expansionary result was the first since July, achieved despite a below-50 score for Victoria, and was led by NSW.