Philippines Manufacturing Sector Contracted In August - S&P Global
(RTTNews) - The manufacturing sector in the Philippines fell into contraction territory in August, the latest survey from S&P Global revealed on Friday with a manufacturing PMI score of 49.7.
That's down from 51.9 in July and it moves beneath the boom-or-bust line of 50 that separates expansion from contraction.
Weighing on the headline index was the fresh contraction in factory orders which fell for the first time since August last year. Firms attributed falling order volumes to waning underlying demand conditions, with poor weather conditions also playing a part to hamper inflows of new businesses.
Moreover, though new orders from overseas markets increased in August, the upturn was marginal overall, and the softest seen since the current phase of growth began at the start of the year.
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