PHILIPPINE MANUFACTURING activity in June expanded at its slowest pace in three months amid cooling demand, S&P Global said.
The S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI), which measures the country’s monthly factory performance, stood at 51.3 in June, slightly lower than the 51.9 reading in May.
June was the 10th consecutive month that PMI was above the 50 mark, which signals an improvement in operating conditions from the previous month. A reading below 50 indicates the opposite.
“While strong improvements in demand trends earlier in the second quarter allowed manufacturing firms to raise their production volumes at a solid and sustained rate in June, the recent cooling in demand conditions could mean weaker upticks in output as we move into the second half of the year,” S&P Global Market Intelligence economist Maryam Baluch said in a report.
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