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MECQ weakens factories

Republika

A 49% decline was recorded in the country’s manufacturing purchasing managers’ index (PMI) in April 2021 compared to its score of 52.2 the previous month.

The drop is due to the tighter community quarantine measures particularly in Metro Manila, Bulacan, Cavite, Laguna, and Rizal to control the spread of coronavirus disease 2019 (Covid-19) as the number of cases started to surge since March, IHS Markit economist Shreeya Patel said.


IHS Markit also reported that domestic demand fell for the first time since December 2020 due to stricter lockdown measures.


On the other hand, demand abroad had a softer deterioration in April this year as European countries gradually reopened their markets.


“Firms scaled back on their hiring efforts during the month with a weak demand environment and voluntary resignations often mentioned as driving the decline in employment. Job shedding has now been seen in each month since February 2020, with the latest decline the quickest in four months,” the PMI report said.


Input price inflation in April was the quickest for the past 30 months due to input shortages and higher cost of raw materials.

Photo: PNA


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