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Financial News: Poland Manufacturing Activity Falls In July

Poland Manufacturing Activity Falls In July

08/01/2019 - 07:23:00 (RTTNews)

(RTTNews) - Poland's manufacturing activity deteriorated at a faster rate in July, with declines in new orders, employment and output, survey data from IHS Markit showed on Thursday.

The purchasing managers' index, or PMI, fell to 47.4 in July from 48.4 in June. Economists had forecast a score of 48.0.

Any reading below 50 indicates a contraction in the sector.

The pace of decline in new orders was unchanged in July, falling for the last nine months.

Employment levels declined in July due to softer demand and the backlogs of works fell sharply.

Input purchases fell at the sharpest rate in over six years, leading to the first monthly contraction in inputs since September last year.

On the price front, input cost inflation decreased in July but cost pressures led companies to increase selling prices fractionally. The rate of inflation eased for the fourth straight month and was the softest recorded in the current 33-month sequence of increase.

"After managing to continually expand purchased goods stocks for the previous nine months, July saw them fall at a fast pace, suggesting that manufacturers have lost some hope that demand conditions will rebound in the near term," David Owen, economist at IHS Markit, said.

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