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Financial News: Czech Manufacturing PMI Lowest Since May 2020

Czech Manufacturing PMI Lowest Since May 2020

11/01/2022 - 09:23:00 (RTTNews)

(RTTNews) - The Czech Republic's manufacturing sector deteriorated at the steepest pace in nearly two-and-a-half years in October amid weaker client demand and a sharp decrease in output, survey data from S&P Global showed on Tuesday.

The purchasing managers' index, or PMI, for the manufacturing sector fell notably to 41.7 in October from 44.7 in September. Any reading below 50 indicates contraction in the sector.

Both output and new orders declined at the steepest pace in more than two years in October.

New export orders fell at the quickest in almost two-and-a-half years as economic conditions in key export markets, especially those in Europe, worsened.

Employment contracted at the fastest rate since July, as backlogs of work fell sharply.

On the price front, input price inflation remained elevated in October, linked to greater material and energy prices. Meanwhile, output charges rose at the slowest pace since April 2021.

Looking ahead, Czech manufacturers were also more pessimistic about output expectations over the coming 12 months in October.

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