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Financial News: Czech Manufacturing PMI At 25-Montth Low

Czech Manufacturing PMI At 25-Montth Low

08/01/2022 - 09:04:00 (RTTNews)

(RTTNews) - The Czech Republic's manufacturing sector deteriorated at the steepest pace in just over two years in July, as output and new orders fell at faster rates amid weaker demand conditions, survey data from S&P Global showed on Monday.

The purchasing managers' index, or PMI, for the manufacturing sector fell to a 25-month low of 46.8 in July from 49.0 in June. Any reading below 50 indicates contraction in the sector.

The decline in output was sharp overall and the quickest in over two years. The fall was caused by weak client demand and reduced customer spending amid stark inflationary pressures.

New orders fell at the fastest pace since May 2020 and new export orders fell for the fifth consecutive month on the backdrop of challenging economic conditions in key export destinations.

On the price front, input prices rose at the slowest pace since January 2021. However, the rate of inflation was historically elevated, linked to higher costs for fuel, energy and raw materials. Output price inflation also moderated in July.

In an attempt to cut costs and spare capacity, employment contracted at the fastest pace since August 2020 .

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