Poland: Manufacturing PMI drops to 22-month low in August
The manufacturing Purchasing Managers’ Index (PMI), released by IHS Markit, fell from 52.9 in July to 51.4 in August, the worst reading in nearly two years. Despite the fall, it remained comfortably above the 50-point threshold that separates expansion from contraction in the manufacturing sector, where it has now been for almost four years—the longest expansion recorded since the survey began nearly two decades ago.
August’s fall was driven by modest output growth and slower expansion in new orders. In addition, employment growth also fell to a nine-month low and the volume of incomplete work moderated suggesting reduced capacity pressures at firms. Input price inflation eased modestly in August, although remained high due to rising steel prices. Meanwhile, firms remained generally upbeat.