Polish manufacturers cut jobs in Sept as orders keep falling - PMI
Reuters
Published Oct 03, 2022 03:04AM ET
WARSAW (Reuters) - The rate of contraction in the Polish manufacturing sector slowed in September, a survey showed on Monday, but declines in output and new orders remained significant and the pace of job-shedding intensified.
S&P Global (NYSE:SPGI)'s Polish Manufacturing Purchasing Managers' Index (PMI) rose to 43.0 in September from 40.9 in August, remaining below the 50.0 line that separates growth from contraction for a fifth consecutive month. Analysts polled by Reuters had expected a reading of 40.1.
"Uncertainty about the economic trajectory remains prevalent everywhere, not just in product markets, but amongst manufacturers themselves," said Paul Smith, Economics Director at S&P Global Market Intelligence.
"Confidence about the future remains subdued, and firms are cutting jobs at a quicker rate as part of efforts to keep on top of costs as inflationary pressures continue to bite."
New orders declined for a seventh straight month, as high inflation put pressure on clients' budgets. The decline in orders was reflected in lower production.
Firms cut more jobs as a result of cost pressures and the uncertain economic environment.
Input price inflation rose in September, after having been on a downward trend in previous months, due to unfavourable exchange rates, higher energy prices and shortages of components.
However, the rate of output price inflation continued to slow, while remaining at high levels by historical standards.
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Written By: Reuters
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