Dutch manufacturing growth remains close to record in December
Staff Writer | January 3, 2018
The pace of Dutch manufacturing growth showed little sign of abating in December, according to the latest PMI survey data from NEVI and IHS Markit.
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Growth rates for output, new orders, and exports all remained close to record levels, while manufacturing employment growth hit a new peak.
The headline PMI was only fractionally lower than November’s all-time high.
Inflation of input and output prices both eased slightly during the month, but remained strong overall.
The headline NEVI Netherlands Manufacturing PMI is a composite single-figure indicator of manufacturing performance.
It is derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases.
Any figure greater than 50.0 indicates overall improvement of the sector.
The PMI edged lower in December to 62.2 from November’s survey-record 62.4, although the latest figure was nonetheless comfortably higher than the next-strongest reading set back in February 2011.
The data signalled that Dutch manufacturers continued to experience a strong improvement in business conditions at the end of 2017, backed by a near-record increase in new orders.
Moreover, all five of the components of the headline figure were at or close to record levels.
New orders increased at the fourth-fastest rate since the survey started in March 2000, and for the twenty-second month in succession.
Furthermore, the rate of growth in new export orders in the latest period has been bettered only once before in the survey history, in April 2010.
Surging new order inflows spurred output higher in December.
The rate of growth in production was the second-fastest on record, easing only fractionally since November’s peak.
Manufacturing employment increased at a record rate in December, with the respective index rising to a new peak for the third month in a row.
Despite this boost to capacity, backlogs of work increased at the sharpest rate since February 2007.
Demand for manufacturing inputs remained strong in December, with purchases increasing at one of the fastest rates in the survey history.
This led to further pressure on supply chains, with delivery times lengthening to the greatest extent since September 2006. ■ What to read next
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