Financial News: Dutch Manufacturing Downturn Deepens In August

Dutch Manufacturing Downturn Deepens In August

09/02/2024 - 05:41:00 (RTTNews)

(RTTNews) - The Dutch manufacturing downturn intensified in August amid sharper contractions in output and new orders, the survey results from S&P Global showed on Monday.

The Nevi Manufacturing Purchasing Managers' Index dropped to 47.7 in August from 49.2 in the previous month. Any score below 50 indicates contraction in the sector.

The downturn was broad-based, with new orders, output, and employment all declining at their most pronounced rates seen this year so far, the agency said.

The subdued demand environment was mainly attributed to hesitancy among customers. Export demand was also lower, and firms reduced their production volumes further.

On the price front, input price inflation remained sharp due to higher raw material prices and wage costs. As a result, selling prices rose solidly during August.

Looking ahead, firms remained confident about output expectations in the future, underpinned by new product launches, growth ambitions, and hopes of a market recovery.

Separate official data showed that retail sales rebounded 2.6 percent annually in August versus 0.8 percent fall in July. Sales of non-food products grew 3.4 percent, and those of food products were 1.1 percent higher.

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