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Financial News: Dutch Manufacturing Downturn Deepens In October

Dutch Manufacturing Downturn Deepens In October

11/01/2022 - 08:51:00 (RTTNews)

(RTTNews) - The Dutch manufacturing downturn worsened in October as orders, exports, output and purchasing all fell at faster rates, survey data from S&P Global revealed on Tuesday. The Nevi manufacturing Purchasing Managers' Index declined to 47.9 in October from 49.0 in September. A score below 50.0 indicates contraction.

A similar low level was last seen in July 2020, at the end of a four-month downturn linked to the first pandemic lockdown.

Manufacturers reported a sharp fall in demand in October, reflecting economic uncertainty and high energy prices.

The decline in new business was the strongest since 2009 when excluding the pandemic lockdown months in the first half of 2020. Weak demand led to the fastest contraction in production since June 2020.

Employment among manufacturers continued to increase in October but the rate of workforce growth was the second-weakest since February 2021.

Input cost inflation remained strong overall, reflecting the energy crisis and ongoing shortages of some inputs. Although output price inflation eased to a three-month low, it remained sharp overall.

The 12-month outlook for production was the weakest since June 2020 amid the risk of recession, the war in Ukraine, inflation and energy crisis.

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