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Financial News: Poland Manufacturing Sector Continues To Shrink In May

Poland Manufacturing Sector Continues To Shrink In May

06/01/2020 - 06:57:00 (RTTNews)

(RTTNews) - Poland's manufacturing sector contracted at the second sharpest pace since January 2009, due to ongoing lockdown restrictions designed to contain the spread of coronavirus, or Covid-19, pandemic, survey data from IHS Markit showed on Monday.

The manufacturing Purchasing Managers' Index, or PMI, rose to 40.6 in May from a record low of 31.9 in April.

Any reading below 50 indicates contraction in the sector. This was the second sharpest deterioration in business conditions since January 2009.

Suppliers' delivery time lengthened in May and new orders fell at the second-fastest rate in the survey history, as demand was impacted by lockdown measures both domestically and worldwide.

New export orders declined at the second-fastest rate in the survey history and output fell due to the ongoing factory closure and downturn in demand.

Employment fell at the third-fastest rate in the survey history and input inventories declined at the second-strongest pace in nearly seven years.

Backlogs of work continued to fall rapidly due to weak demand. Purchase of new inputs decreased at the third-strongest rate on record.

On the price front, input prices increased sharply in May and prices charged for manufactured goods continued to fall.

Finally, the 12-month outlook for production stabilized in May following a record degree of pessimism in April.

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