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Financial News: Czech Manufacturing PMI At 4-month Low

Czech Manufacturing PMI At 4-month Low

12/02/2019 - 06:53:00 (RTTNews)

(RTTNews) - The Czech Republic's manufacturing activity hit the weakest level in four months in November and the latest contraction was one of the worst since mid-2009, amid a decline in production and new business, survey from IHS Markit showed Monday.

The headline manufacturing purchasing managers' index, or PMI, fell to 43.5 in November from 45.0 in October. Any reading below 50 indicates contraction in the sector.

Output fell at the fastest pace since July. The domestic and foreign customer demand worsened in November with the rates of contraction in total new business and new export orders remaining marked overall.

The number of workforce decreased in November due to an uncertainty in future production, while the backlogs of work decreased sharply.

On the price front, cost burdens declined for the first time since April 2016, but marginally. However, manufacturers raised their charges at the quickest pace for six months.

"Pessimism towards future production requirements was also mirrored in output expectations for the coming year," Sian Jones, an economist at IHS Markit, said.

"Sentiment fell to a fresh series low amid concerns surrounding ongoing challenges in the automotive sector."

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