Colombia: Manufacturing PMI nosedives at the outset of the year
February 1, 2019
Colombia’s manufacturing sector slammed the brakes in January, on the heels of a five-month slump. The seasonally-adjusted Davivienda manufacturing Purchasing Managers Index (PMI) dropped 3.0 points to 48.5 in January, landing below critical 50-point threshold which signaled deterioration across the manufacturing sector.
January’s reading reflected an across-the-board slowdown as demand faltered, and appeared to be driven by a fall in both new orders and output. Employment and purchasing activity, both in turn, fell. As such, backlogs were roughly steady from a month earlier. Although firms were hit by transportation and import delays, optimism hit a four-month high on upbeat short-term prospects.