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Financial News: Poland Manufacturing Sector Shrinks At Slower Pace

Poland Manufacturing Sector Shrinks At Slower Pace

09/02/2019 - 07:47:00 (RTTNews)

(RTTNews) - Poland's manufacturing activity contracted in August but at a slower pace, survey data from IHS Markit showed on Monday.

The purchasing managers' index or PMI, rose to a three-month high of 48.8 in August from July's 75-month low of 47.4.

Economists had forecast a score of 47.7. Any reading below 50 indicates contraction in the sector.

New orders and production fell for the tenth straight month in August and new export business declined at the weakest pace in nine months.

Employment fell for the ninth time in the past eleven months in August and backlogs decreased for the thirteenth month in a row.

Purchasing fell for the ninth month in a row and suppliers' delivery times remained unchanged. The inventories of both inputs and finished goods declined in August.

Input prices rose at the third-slowest rate in three years and prices charged for goods increased at the fastest rate since March.

"Poland's manufacturing downturn continued in August, with business conditions deteriorating for the tenth month on the trot," Trevor Balchin, an economics director at IHS Markit, said.

"The outlook for Poland's manufacturers is predictably uncertain, with expectations for output over the next year remaining among the weakest since the series began in 2012."

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