Financial News: Dutch Manufacturing Downturn Deepens In October

Dutch Manufacturing Downturn Deepens In October

11/01/2024 - 05:24:00 (RTTNews)

(RTTNews) - Dutch manufacturing activity deteriorated at a faster pace in October amid subdued demand conditions, survey results from S&P Global showed on Friday.

The Nevi Manufacturing Purchasing Managers' Index dropped to 47.0 in October from 48.2 in September. Any score below 50.0 indicates contraction.

New orders fell at the steepest pace this year so far due to muted demand conditions and reduced client confidence. Data showed that output levels decreased for a fourth straight month.

Foreign demand fell substantially and at the fastest rate in over a year, largely reflecting lower order intakes from Germany.

As a result, firms reduced their buying activity, stock levels, and workforce numbers further.

On the price front, input price inflation moderated in October, thanks to reduced shipping costs. Similarly, selling prices rose at the weakest pace in seven months.

Looking ahead, firms remained confident about output expectations over the coming year, underpinned by firms' growth ambitions and plans for investment. However, the degree confidence eased to its lowest in the year-to-date.

Elsewhere, retail sales in the Netherlands grew at an accelerated pace of 2.6 percent annually in September versus a 2.2 percent rise in August. Further, this was the third successive increase in row.

Sales of non-food products rose 5.2 percent, while those in the food sector, including food and luxury goods stores, shrank by 1.8 percent, the Central Bureau of Statistics said.

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