Colombia: Manufacturing PMI rises in February
The S&P Global Manufacturing Purchasing Managers’ Index (PMI) came in at 49.8 in February, up from January’s 48.5. As a result, the index moved closer to the 50.0 no-change threshold, signaling a softer deterioration in manufacturing sector operating conditions compared to the previous month.
The manufacturing PMI improved as output and new orders fell at a weaker rate compared to the prior month. Input and output inflation fell to two-year lows, explaining why the recent contraction in new orders appears to be bottoming out despite recent interest rate hikes by the Central Bank. That said, the manufacturing PMI continued to be weighed on by firms cutting headcounts. Overall, the business panorama appears to be brighter still ahead, with firms’ sentiment rising to a five-month high on hopes of better demand in the next 12 months.