Philippines: Manufacturing PMI moderates in June
The S&P Global Manufacturing Purchasing Managers’ Index (PMI) came in at 53.8 in June, down from May’s 54.1. As such, the index remained above the 50.0 no-change threshold, pointing to a continued, albeit moderating, improvement in business conditions from the previous month.
The decline of the PMI in June was only slight. Hiring and stock purchasing slowed, but output and new orders grew at a faster rate, bolstered by the lifting of pandemic restrictions. That said, foreign demand continued to weaken—for the fourth month running—contributing to business’ output expectations a year ahead easing to the lowest in more than two years. Firms highlighted the future challenges arising from inflation plus supply bottlenecks and shortages.