Czech Republic PMI

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Czech Republic: Manufacturing PMI inches up in November; points to expansionary conditions

December 1, 2015

In November, the manufacturing Purchasing Managers’ Index (PMI), elaborated by Markit, rose slightly from October’s 10-month low of 54.0 to 54.2. The reading represents a first increase following three consecutive moderations after the PMI had peaked at an over-four-year high in July. As a result, the manufacturing PMI remained above the 50-long-term average that indicates expansion in the manufacturing sector, where it has been since May 2013.

November’s modest improvement mainly reflects that output and employment grew at a faster pace. However, on a negative note, new orders growth decelerated for a fourth consecutive month, dropping to the lowest level in over two years, and export orders only grew at a modest pace. Inflationary pressures were moderate in November: input prices fell for a third straight month and output charges increased only marginally.

Markit commented that, “the PMI arrested its recent slide in November, with the first month-on-month rise since July. That said, manufacturing expansion over the fourth quarter as a whole still looks set to be the weakest since Q3 2013, as the moderation in new order growth continued. The latest increase in new work was the weakest registered since June 2013, the first month of the current growth sequence.”

FocusEconomics Consensus Forecast participants see fixed investment increasing 5.9% in 2015, which is unchanged from last month’s projection. For 2016, panelists expect fixed investment to expand 3.4%, which is down 0.3 percentage points from last month’s estimate.

Author: Teresa Kersting, Economist

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Czech Republic PMI Chart

Czech Republic PMI November 2015

Note: Markit Manufacturing Purchasing Managers’ Index (PMI). A reading above 50 indicates an expansion in business activity while a value below 50 points to a contraction.
Source: Markit.

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