Polish PMI hits six-month highs

“Growth rates for output and new business both picked up to the highest since March, supported by rising exports. Manufacturers also cleared out backlogs of work and stocks of both finished goods and inputs. Despite the acceleration in activity, employment rose at the slowest rate in over two years. Meanwhile, inflationary pressures remained muted with input prices rising only fractionally and prices charged for manufactured goods falling further,” Markit wrote in a statement on Monday.

Trevor Balchin, senior economist at IHS Markit and author of the report, said: “Polish manufacturers turned out their best performance in six months in September, as the PMI recovered further from July’s recent low. The rebound in the survey data over the last two months has been substantiated by the official measure of manufacturing output, which jumped 9.4 percent year-on-year in August following July’s contraction of 2.8 percent.”

A neutral PMI rating of 50 means that businesspeople in the country feel that the economy will not change over the next month. A higher rating means that it will improve, while a PMI rating below 50 indicates that many think it will deteriorate. (rg)