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Financial News: Poland Manufacturing Sector Deteriorates Further

Poland Manufacturing Sector Deteriorates Further

10/01/2019 - 10:10:00 (RTTNews)

(RTTNews) - Poland's manufacturing sector contracted for an eleventh consecutive month in September amid a sharp fall in new orders, survey data from IHS Markit showed on Tuesday.

The manufacturing purchasing managers' index, or PMI, fell to 47.8 in September from 48.8 in August. Economists had forecast a score of 48.0. Any reading, below 50 indicates a contraction in the sector.

New business and output decreased for the eleventh straight month in September. The rate of contraction in the new business was the joint-fastest in over ten years.

Backlogs of work decreased at the fastest rates in the past six years. Though output fell more quickly, stocks of finished goods were accumulated for the seventh time from the beginning of the year.

Purchasing activity fell at the strongest rate since April 2013 and stocks of inputs contracted for the third month in a row. Employment declined marginally in September.

On the price front, input prices rose at the fastest rate in four months, while output prices remained unchanged in September.

"Although output continued to fall by less than new business - largely thanks to work on backlogs - the 12-month outlook for production is the weakest since this series was first compiled in 2012," Trevor Balchin, economics director at IHS Markit, said.

"Firms highlighted poor demand from Western European markets such as Germany and France, which tallies with the weak flash eurozone manufacturing PMI data released in late-September."

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