Philippines PMI June 2020

Philippines

Philippines: Manufacturing sector conditions improve notably in June

July 1, 2020

The manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, came in at 49.7 in June, a notable improvement after two bleak readings in April and May (May: 40.1). Despite the rise, the PMI still lies below the crucial 50-threshold, signaling a contraction in the manufacturing sector.

June’s improvement was driven by a rise in output, which grew for the first time in four months as firms restarted activities. In addition, new orders fell at a more modest pace in the month. That said, firms continued to shed jobs at a sharp pace and backlogs of work dropped pointing to ample spare capacity.

FocusEconomics Consensus Forecast panelists see manufacturing output declining 6.8% in 2020, which is down 2.5 percentage points from last month’s estimate, and growing 8.6% in 2021.


Author: Angela Bouzanis, Lead Economist

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