Philippines: Manufacturing PMI increases in November
The manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, rose from 48.5 in October to 49.9 in November. The PMI thus moved closer to the crucial 50-threshold, and signaled broadly stable conditions in the manufacturing sector.
November’s increase was driven by the first rise in output since June, and a softer decline in new orders. However, employment continued to fall at a notable rate. Input cost inflation accelerated, while output prices increased only marginally due to efforts to boost sales.
Shreeya Patel, economist at IHS Markit, was cautious on the outlook for the manufacturing sector:
“The path to recovery may not be smooth. The health of the sector rests on the number of Covid-19 cases and the impact the virus has on the global economy. Whilst vaccine developments look promising, it is still unclear when restrictions will come to a complete end.”