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Philippines PMI September 2022

Philippines: Manufacturing PMI rises in September

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) rose to 52.9 in September from August’s 51.2. Consequently, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in manufacturing sector operating conditions compared to the previous month.

Growth in output and new orders, gains in staffing levels and elevated optimism supported the improvement. On the production side, output levels rose for the first time in three months, largely amid robust domestic demand and easing price pressures on both input and output costs. The growth in new sales also contributed to higher staffing levels: New hires expanded at the second-highest rate in five months. Overall, companies became more optimistic over the outlook for the next 12 months, with business confidence reaching an over two-year high in September. Less positively, foreign orders contracted for the seventh consecutive month, pointing to deteriorating prospects for external demand.

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