Poland: Manufacturing PMI hits new all-time high in June
July 1, 2021
The IHS Markit Manufacturing Purchasing Managers’ Index (PMI) came in at 59.4 in June, up from May's 57.2 and marking the strongest reading on record. As such, the index moved further above the 50-threshold, signaling a faster improvement in business conditions compared to the previous month.
June’s upturn chiefly came on the back of upbeat production and new orders growth. Production expanded for the fifth consecutive month and at the fastest clip in over four years. Moreover, new orders rose at the quickest pace since February 2015 as demand conditions improved amid the lifting of restrictions. In turn, firms raised staff levels for the tenth month running in June, with the strongest rate of job creation in over four years. On the price front, input cost inflation rose to a new all-time high amid raw material shortages and transportation bottlenecks, while output charges also increased a at a record pace as firms passed on costs to clients. Lastly, manufacturers turned more optimistic regarding the outlook for the coming year, with sentiment the highest so far this year.
Author: Hanna Andersson, Economist