[ad_1]
The country’s manufacturing sector continued to contract in November, but at a slower pace than in October, as operating conditions “approached stabilization” and production levels increased for the first time since June, according to an IHS survey. Markit.
Survey results showed that the Philippines’ seasonally adjusted Purchasing Managers Index (PMI) rose to 49.9 in November from 48.5 in October, indicating what IHS Markit described as a “move towards stability.” .
The latest reading is the highest since September 50.1
The PMI takes into account new orders, production, employment, lead time from suppliers and stocks. Readings above 50 indicate expansion; below that, a contraction.
“The Philippine manufacturing sector showed promising signs of renewed recovery momentum in November as the leading PMI figure approached stabilization,” said IHS Markit economist Shreeya Patel.
“Production increased for the first time since June, as external demand improved notably compared to October,” he added.
[ad_2]
