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Financial News: Philippines Manufacturing PMI Sinks Back Into Contraction

Philippines Manufacturing PMI Sinks Back Into Contraction - Markit

05/02/2021 - 21:15:00 (RTTNews)

(RTTNews) - The manufacturing sector in the Philippines fell back into contraction territory in April, the latest survey from Markit Economics revealed on Monday with a manufacturing PMI score of 49.0.

That's down from 52.2 in March and it moves beneath the boom-or-bust line of 50 that separates expansion from contraction.

Manufacturers in the Philippines highlighted a steep decline in output at the start of the quarter, which was largely attributed to enhanced community quarantine measures.

As a result of tightening lockdown measures, many clients suspended their operations with demand faltering for the first time since December 2020. Domestic demand was especially subdued with the rate of reduction among the sharpest in the series.

Firms scaled back on their hiring efforts during the month with a weak demand environment and voluntary resignations often mentioned as driving the decline in employment.

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