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Financial News: Philippines Manufacturing PMI Slows In June - S&P

Philippines Manufacturing PMI Slows In June - S&P Global

06/30/2024 - 21:13:00 (RTTNews)

(RTTNews) - The manufacturing sector in the Philippines continued to expand in June, albeit at a slower pace, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 51.3.

That's down from 51.9 in May, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

While the latest reading signaled a softer rate of growth, it nonetheless marked a tenth consecutive monthly improvement in the health of the Filipino manufacturing sector. Propping up the manufacturing sector was the sustained rise in production levels.

Output rose solidly and at the strongest pace in six months. However, there was a notable cooldown in new order growth, indicating a weaker improvement in underlying demand trends in June. Easing further from April, the latest upturn was the second weakest in the current ten-month sequence of growth.

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