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Financial News: Dutch Manufacturing Growth Slowest Since Mid-2013

Dutch Manufacturing Growth Slowest Since Mid-2013

11/01/2019 - 07:54:00 (RTTNews)

(RTTNews) - The Netherlands' manufacturing growth fell to the lowest level in over six years in October, survey results from IHS Markit showed on Friday.

The NEVI Manufacturing purchasing managers' index, or PMI, fell to 50.3 in October from 51.6 in September. Any reading above 50 indicates expansion in the sector.

The PMI reading was the weakest since June 2013.

Output and new order trend reflected the slower growth in the sector in October. Production decreased for the first time in six-and-a-half years, albeit modestly, amid reports of weaker market conditions.

New order growth was the weakest in three months despite a rebound in export demand.

Manufacturers' confidence weakened to the second-lowest since August 2013, yet remained positive.

On the price front, input costs fell for the first time in over three years and average prices charged by firms increased in October. The rate of charge inflation was fractional, and the slowest in over three years.

The rate of job creation eased to the slowest in seven months in October and backlogs of work continued to decline.

Pre-production inventories growth fell for three consecutive months in October. Stocks of finished goods decreased for the second month in a row and at the fastest pace since June 2015.

"Manufacturers were less confident regarding their output expectations, with sentiment among the lowest in survey history," Lewis Cooper, economist at IHS Markit, said.

"Nonetheless, the latest official data (updated to August) indicated a year-on-year fall in production of 0.8 percent, with PMI data for September and October hinting that this trend may continue," the economist added.

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