Financial News: Czech Manufacturing Downturn Softens In October

Czech Manufacturing Downturn Softens In October

11/01/2024 - 07:38:00 (RTTNews)

(RTTNews) - The Czech Republic's manufacturing downturn eased in October due to softer falls in both output and new orders, survey data from S&P Global showed on Friday.

The purchasing managers' index, or PMI, for the manufacturing sector rose to 47.2 in October from 46.0 in September. However, any reading below 50 indicates contraction in the sector.

Both output and new orders contracted at some of the softest rates for nearly two-and-a-half years amid tentative signs of reduced client hesitancy in some industries despite further subdued demand conditions. Firms continued to reduce their workforce numbers, but the pace of job shedding eased notably.

Foreign demand was also weaker as export orders decreased at a sharper rate due to a challenging economic environment.

On the price front, input price inflation accelerated in October, linked to higher energy, food, and material prices. Goods producers were forced to reduce selling prices amidst sluggish demand and competitive pressures.

Looking ahead, manufacturers remained less upbeat about output expectations over the next year, with the degree of optimism dropping to the lowest in nine months amid concerns regarding demand in the automotive sector and sustained contractions in new orders.

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