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Financial News: Philippines Manufacturing PMI Slows To 50.8 In July

Philippines Manufacturing PMI Slows To 50.8 In July - S&P Global

07/31/2022 - 20:41:00 (RTTNews)

(RTTNews) - The manufacturing sector in the Philippines continued to expand in July, albeit at a slower pace, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 50.8.

That's down from 53.8 in June, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

The seasonally adjusted Output and New Orders Indexes dipped below the no-change mark for the first time since January. The rates of reduction were modest but signified a visible change from the strong expansions seen in June, amid challenging demand conditions.

Additionally, client demand from foreign markets weakened further during July. While the pace of decrease was the softest in the current five-month sequence of contraction, global uncertainties and the ongoing impact of the pandemic continued to weigh on export demand.

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