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Financial News: Poland Manufacturing Sector Expansion Slows In August

Poland Manufacturing Sector Expansion Slows In August

09/01/2020 - 07:47:00 (RTTNews)

(RTTNews) - Poland's manufacturing sector rose at a slower pace in August, survey data from IHS Markit showed on Tuesday.

The manufacturing Purchasing Managers' Index, or PMI, fell to 50.6 in August from 52.8 in July.

Economists had forecast a score of 52.9. Any reading above 50 indicates expansion in the sector.

Volume of new orders remained unchanged in August and manufacturers expanded production further. Output grew for the second time since October 2018.

Backlogs of work fell at a sharper rate in August, albeit at a slower rate. Stocks of purchases declined for the fourteenth straight month and inventories of finished goods declined for the second straight month.

The employment shed in August, extending to fourteen months.

Input price inflation accelerated to the highest in six months in August and pressure on profitability rose ad output prices were reduced for the fifth straight month.

"Manufacturers remained confidence of growth of production over the next 12 months, but sentiment was weaker than in July, mainly reflecting concerns over a potential second wave of COVID-19 and any re-tightening of restrictions," Trevor Balchin, Economics Director at IHS Markit, said.

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