Colombia: Manufacturing PMI rises to second-highest level on record in June
The S&P Global Manufacturing Purchasing Managers’ Index (PMI) rose to 55.7 in June from May’s 53.9. June’s result marked the second-best reading on record. As such, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in business conditions compared to the previous month.
The increase in the manufacturing PMI was due to higher growth of output, orders, employment and input stocks. Output grew at the fastest pace since 2016, and orders since 2015. This led firms to scramble to boost output capacity, with input stocks expanding at near-record rates and employment growth rising to a series high. Business activity in June was propelled by rising domestic demand, which has been supported by an increasingly tight labor market and loosened Covid-19 restrictions. Meanwhile, input and output costs fell to 15-month lows, and business confidence strengthened to a 10-month high.