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Financial News: Dutch Manufacturing Downturn Slows In July

Dutch Manufacturing Downturn Slows In July

08/03/2020 - 08:25:00 (RTTNews)

(RTTNews) - The Dutch manufacturing sector contracted at a softer rate in July, survey results from IHS Markit showed on Monday.

The NEVI manufacturing Purchasing Managers' Index, or PMI, rose to 47.9 in July from 45.2 in June. Any reading below 50 indicates contraction in the sector.

Though factory activity decline continued amid the coronavirus pandemic, the rate of contraction was the slowest since April.

Production declined for the fifth straight month in July and order book volume decreased slightly. New export orders dropped at a reduced rate.

Employment declined further in July with the rate of job shedding remaining marked. Purchasing activity and stocks of purchases declined at a quicker rate in July.

Manufacturers reported disruptions to supply chain in July amid the Covid-19 restrictions. Lead times lengthened at the slowest rate since October last year.

Cost burden fell for the fourth straight month in July and firms continued to reduce their selling prices.

The 12-month outlook for output remained positive in July.

"Several underlying indicators show that the Dutch manufacturing sector has shifted to a lower gear," Albert Jan Swart, manufacturing sector economist at ABN AMRO, said.

"There seems to be good hope for economic recovery in 2021," Swart said.

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