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Financial News: Philippines Manufacturing PMI Sinks To 47.3 - IHS

Philippines Manufacturing PMI Sinks To 47.3 - IHS Markit

08/31/2020 - 21:10:00 (RTTNews)

(RTTNews) - The manufacturing sector in the Philippines continued to contract in August, and at a faster pace, the latest survey from IHS Markit revealed on Tuesday with a manufacturing PMI score of 47.3.

That's down from 48.4 in July, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

Individually, the economic downturn was driven by stronger quarantine measures as production and new orders fell at the quickest pace since May.

Employee numbers were cut for the sixth straight month.

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