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Financial News: Philippines Manufacturing Sector Picks Up Steam In August

Philippines Manufacturing Sector Picks Up Steam In August - S&P Global

08/31/2022 - 20:51:00 (RTTNews)

(RTTNews) - The manufacturing sector in the Philippines continued to expand in August, and at a faster pace, the latest survey from S&P Global revealed on Thursday with a manufacturing PMI score of 51.2.

That's up from 50.8 in July, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

August data suggested some relief as the seasonally adjusted Output Index stabilized after contracting for the first time in six months during July. Moreover, the rate of contraction in new orders softened in the latest survey period, with firms reporting only a marginal decrease in client demand overall.

Total sales were weighed down by a sharper decrease in new export orders, however, as foreign customer demand fell at the steepest rate since January. On the employment front, strong gains in workforce numbers helped boost the latest headline PMI figure during August.

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