Poland’s manufacturing sector expanded for the first time in nearly two years, survey data from IHS Markit showed on Monday.
The manufacturing Purchasing Managers’ Index, or PMI, rose to 52.8 in July from 47.2 in June.
Economists had forecast a score of 50.0. Any reading above 50 indicates expansion in the sector.
“A third successive strong rise in the headline PMI in July finally took it above 50.0 for the first time since October 2018,” Trevor Balchin, economics director at IHS Markit, said.
“This brought to an end a 20-month run of negative readings, the longest downturn in business conditions in nearly 18 years,” Balchin said.
Business conditions deteriorated every month since November 2018. New orders increased in July as lockdown restrictions were eased and the rate of growth was the biggest since July 2018.
New export orders rose for the first time in two years in July. Output rose for the first time since October 2018 at the strongest rate since December 2017.
Backlogs of work fell for the twenty-forth straight month in July, with the rate of decline being slowest since January. Jobs continued to be shed in July, though at the slowest pace in seven months.
Input prices rose in July at the slowest rate thus far this year, while prices charged by manufacturers fell for the fourth month in a row.
Firms remained confident of output growth over the next 12 months.
The material has been provided by InstaForex Company – www.instaforex.com
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