Philippine manufacturing recovers in August
International Business News – The latest survey by S&P Global showed that the manufacturing sector in the Philippines continued to expand at a faster pace in August, with a manufacturing PMI score of 51.2. This is up from 50.8 in July and is further above the 50 dividing line between expansion and contraction, which separates expansion from contraction.
The situation was eased after August data showed that the seasonally adjusted output index steadied after contracting for the first time in six months in July. In addition, the rate of contraction in new orders also slowed during the most recent survey period, with companies reporting only a small drop in overall customer demand.
However, a sharp drop in new export orders weighed on total sales as demand from foreign customers fell at the sharpest pace since January. On the employment front, strong growth in the labor force helped boost the latest headline PMI data for August.