DOMESTIC manufacturing conditions remained steady in August amid improving demand trends, S&P Global Market Intelligence reported on Monday.
DOMESTIC manufacturing conditions remained steady in August amid improving demand trends, S&P Global Market Intelligence reported on Monday.The Philippine Purchasing Managers' Index for the sector remained at 51.2, unchanged from July's print. Results above 50 point to growth, while those below indicate a contraction.
Rising business needs led firms to increase purchasing, but the rate of growth slowed to a five-month low and remained modest. This resulted in a smaller rise in pre-production inventories and a decline in post-production inventories in August.Also, firms became cautious about hiring new staff, resulting in a decline in employment. Despite this, goods producers managed to complete their workloads efficiently, suggesting they have enough capacity.
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