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Philippines PMI July 2020

Philippines: Manufacturing sector conditions deteriorate in July

The manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, came in at 48.4 in July, erasing some of June’s gains and suggesting that the sector is struggling to recover from the coronavirus-induced slump (June: 49.7). The PMI lies below the crucial 50-threshold, signaling a contraction in the manufacturing sector.

July’s downturn was driven by a fall in output, which dropped after growing for the first time in four months in June. Renewed lockdown restrictions in some parts of the country likely led to the fall. In addition, new orders fell and export sales weakened notably. Moreover, firms shed jobs at the quickest pace since March. On the price front, input prices rose for a third consecutive month, with firms citing supply constraints and higher oil prices as factors.

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