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Financial News: Czech Manufacturing Sector Recovers In September

Czech Manufacturing Sector Recovers In September

10/01/2020 - 08:22:00 (RTTNews)

(RTTNews) - The Czech Republic's manufacturing sector expanded for the first time in nearly two years in September, survey data from IHS Markit showed on Thursday.

The headline manufacturing Purchasing Managers' Index, or PMI, rose to 50.7 in September from 49.1 in August.

The index expanded for the first time since November 2018 and rose for the fifth straight month.

Any reading above 50 indicates expansion in the sector.

New sales expanded for the first time in nearly two years in September and new exports increased. Total new order inflows were boosted with the rise in new export orders.

Backlogs of work decreased further in September and the number of workforce were reduced with employment falling at the slowest rate since June last year.

The degree of optimism rose to the highest since October 2018 and the level of positive sentiment was below the series average.

Input prices continued to rise in September, though the rate of inflation eased in the current eight month sequence. Selling prices were reduced in an effort to further boost sales.

"Although growth in new orders returned and output expectations for the year ahead were buoyed by hopes of strengthening demand, firms continued to shed workers as spare capacity remained evident," Sian Jones, economist at IHS Markit, said.

"Year-on-year growth isn't expected to return until the opening quarter of 2021, as uncertainty in the global economy looks set to weigh on demand conditions," Jones added.

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