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Financial News: Czech Manufacturing Decline Eases In December

Czech Manufacturing Decline Eases In December

01/02/2020 - 07:05:00 (RTTNews)

(RTTNews) - The Czech Republic's manufacturing sector shrunk at a slower rate in December amid sharp declines in output, new orders and employment, survey data from IHS Markit showed on Thursday.

The headline manufacturing purchasing managers' index, or PMI, rose to 43.6 in December from 43.5 in November. Any reading below 50 indicates contraction in the sector.

Production declined for the thirteenth month in a row in December. New orders fell sharply, though the rate of contraction softened and remained one of the strongest over a decade. New business from abroad eased to the slowest since May.

The number of workforce were reduced steeply in December at the fastest pace since September 2009 and backlogs of works also decreased.

The degree of confidence was the second-lowest since April 2012 amid ongoing turbulence in the global economy.

On the price front, cost burdens fell for the second month in a row in December, amid a further decline in input purchasing.

Current stocks wee used to fulfill new orders, with both pre- and post-production inventories falling in December.

"Domestic and foreign client demand continued to be sluggish, weighing on expectations across the manufacturing sector which remained pessimistic," Sian Jones, economist at IHS Markit, said.

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