AMID weak demand and the decline in manufacturing jobs, the country’s Purchasing Managers Index (PMI) dropped to its lowest in two years. The S&P Global Market Intelligence PMI showed the country’s manufacturing performance fell below the neutral 50 threshold at 49.7. This was the first contraction or below 50 since…
AMID weak demand and the decline in manufacturing jobs, the country’s Purchasing Managers Index dropped to its lowest in two years.
“Weak underlying demand trends as pointed by the first drop in new orders in a year and the ongoing reductions in staffing levels show visible cracks in the sector,” S&P Global Market Intelligence Economist Maryam Baluch said. “Softer manufacturing and services PMI data for many developed countries around the world, also mostly in contraction mode or below 50, also partly reduced the demand for exports and dragged on local manufacturing activities,” he added.
The firms, the think tank said, remain hopeful that the launch of new products will spur manufacturing sector growth in the coming months.
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