Factory activity in the Philippines slipped into contraction in September, underscoring a rare postpandemic setback for the country’s manufacturers.
The Purchasing Managers’ Index, a widely tracked gauge of manufacturing health, fell to 49.9 last month from 50.8 in August, SandP Global said on Wednesday.
A reading below 50 signals a decline in activity.
The drop was ‘highly unusual’ in the sector’s post-pandemic trajectory, SandP noted, citing a renewed-though modest-fall in new orders.
Sales slipped for the first time in half a year, as firms pointed to weaker demand and fewer customers. /dda