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Financial News: Poland Manufacturing Activity Deteriorates Most Since Mid-

Poland Manufacturing Activity Deteriorates Most Since Mid-2009

11/04/2019 - 08:32:00 (RTTNews)

(RTTNews) - Poland manufacturing sector contracted in October at the weakest pace since June 2009, as output, new orders and exports declined at the fastest pace in over a decade, survey data from IHS Markit showed on Monday.

The manufacturing purchasing managers' index, or PMI, fell to 45.6 in October from 47.8 in September. Any reading below 50 indicates contraction in the sector.

Among the components, all the five components had a negative contributions in October.

New business declined for the twelfth straight month in October, and at the fastest rate since April 2009. Production also decreased for the twelfth month in a row and at the strongest pace since mid-2009.

New export orders fell for the fifteenth straight month in October and the fall was the worst since June 2009. Backlogs of work fell for the fifteenth month in a row, while stocks of finished goods grew for the eighth time in ten months.

Input price inflation slowed to the lowest level in three years in October and prices charged for manufactured goods dropped for the first time in three years.

"Firms trimmed workforces again in October, although the rate of job shedding at least remained modest and in line with the trend shown over the past year," Trevor Balchin, economics director at IHS Markit, said.

"Worryingly, the downturn looks set to continue into 2020 as the forward-looking Future Output Index sank to a new record low since it was first compiled in 2012."

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