Financial News: Czech Manufacturing Activity Deteriorates Further

Czech Manufacturing Activity Deteriorates Further

04/02/2024 - 08:28:00 (RTTNews)

(RTTNews) - The Czech Republic's manufacturing downturn continued in March, though at a softer pace, survey data from S&P Global showed on Tuesday.

The purchasing managers' index, or PMI, for the manufacturing sector rose to 46.2 in March from 44.3 in February. However, any reading below 50 indicates contraction in the sector.

As output and new orders contracted more slowly, operating conditions worsened less, although firms continued to highlight subdued domestic and foreign customer demand, especially from Germany, their key export partner.

Goods producers reduced their workforce numbers further in March, linked to a continued drop in production requirements and client demand. Nonetheless, the rate of job shedding was the slowest in the current 18-month sequence of decline.

On the price front, input costs rose at the fastest pace since February last year. Meanwhile, selling prices continued to fall as firms sought to stay competitive and drive new sales.

Looking ahead, business confidence was the strongest in more than two years, amid hopes of a rebound in demand.

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