PH factories record positive score in June

MANILA – Performance of Philippine factories in June recorded a positive score, the S&P Global Manufacturing Purchasing Managers’ Index (PMI) reported Monday.

Philippine manufacturing PMI in June stood at 51.3, easing from 51.9 in May.

“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,” S&P Global Market Intelligence economist Maryam Baluch said in a statement.

In the previous month, output and purchasing activity of manufacturers accelerated their pace.

Meanwhile, new orders and hiring activity slowed down last month.

Baluch said the cooling in demand conditions suggests weaker output as the industry moves into the second half of 2024.

"Future expectations also retreated, further alluding to softening sentiment in the outlook. However, inflationary pressures remained in check, despite a renewed rise in operating costs. Relatively soft and subdued upticks in costs and charges could help the sector generate demand in the coming months,” she said.

Indices above the neutral score of 50 mean stronger Philippine factories’ performance while those below 50 mean deterioration. (PNA)