The PMI remained the same at 47.2 from the previous reading but the prices declined significantly to 48.3 (-5.7) because of lower inventories and employment.
What had happened?
The producers reduced employment (43.9, -2.1), inventories (43.9, -6.4), imports (48.3, -1.3) and local raw material (Est’d – 5.1) but increased their production (49.8, +5) by using a smaller workforce to meet increases in new order (46.1, +1.5) caused by a rebound in new local order (Est’d +4.8). Consequently, all these increments also led to increases in customers’ inventories (50, +1.6) and backlog of orders (44.1, +0.5).
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