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Poland's manufacturing activity paused in September after increasing month-on-month in the last seven months, the latest survey from Markit Economics and HSBC showed Thursday.
The headline purchasing managers' index stood at 48.2 in September, same as in August, reflecting further worsening in overall business conditions. Moreover, this was the joined-slowest rate since May 2008.
A reading above 50 indicates expansion, while a reading below 50 signals a contraction.
Output rose for the second consecutive month, but the expansion was at a marginal pace, reflecting overall drop in new orders. Further, a fall in new work and spare capacity led to further cuts in the workforce, with the employment now declining for the 17th consecutive month. The rate of job-shedding however was unchanged from August's 11-month low. Meanwhile, backlog of work rose at the fastest pace in three months.
Despite a rise in output, the volume of inputs purchased declined. Stock of inputs declined for the 22nd successive month, but the rate of fall was the slowest since March. Average input prices increased at a faster pace in September, due to higher prices of metals and the strengthening of the zloty. The average lead time increased for the first time since March 2008.
Commenting on the latest PMI data Juliet Sampson, Chief Economist for Emerging Europe at HSBC said, "A protracted decline in employment suggests consumption may falter in the months ahead and that 3Q GDP is softer than 2Q. However, Poland appears to have avoided recession nonetheless, and while the recovery may slow, it is unlikely to stop".
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