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Financial News: Czech Manufacturing Growth Improves In April

Czech Manufacturing Growth Improves In April

05/03/2021 - 07:51:00 (RTTNews)

(RTTNews) - The Czech Republic's manufacturing sector growth increased slightly in April, as output and new order gains eased, survey data from IHS Markit showed Monday.

The purchasing managers' index, or PMI, for the manufacturing sector rose to 58.9 in April from 58.0 in March. Economists had forecast a reading of 59.

A PMI reading above 50 signals growth in the sector.

Input delivery times lengthened in April and output growth slowed. New order grew at a softer pace.

The number of workforce increased in April, with the rate of job creation steepest in over three years. Backlogs of work increased at the fastest pace since March 2018.

Input cost increased at the sharpest pace since June 2001 and selling prices rose at the quickest rate since the survey history.

Purchasing activity rose sharply in April and stocks of finished goods declined at a softer pace.

Output expectation improved in April and the degree of confidence rose to the highest in three months on hopes of an end to the Covid-19 pandemic.

"In line with company optimism, our current forecast expects industrial production to rise 7.2 percent on the year in 2021," Sian Jones, senior economist at IHS Markit, said.

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