Manufacturing Growth Sees Its Lowest in June 2023

The Philippines’ manufacturing growth is at its slowest in June this year, according to a report by S&P Global Market Intelligence.

June 2023 recorded a Purchasing Managers’ Index (PMI) of 50.9, much lower than May 2023 with 52.2.

S&P Global Market Intelligence economist Maryam Baluch has attributed the decline to the reduction of employment in the manufacturing sector.

“The muted headline figure reflected softer rates of expansion across both output and new orders, while manufacturing employment registered a fresh reduction,” Baluch said.

Another cause of the decline in June’s PMI was the decline in demand trends, according to S&P Global Market Intelligence.

However, even with the decline in June, this still means that the manufacturing growth is still positive — scores 50 and above indicate expansion, while 50 below signal contraction.

Moreover, June 2023 marks the 17th consecutive month the manufacturing growth tallied a PMI of above 50.

Its lowest PMI was recorded in July 2022 at 50.8. (ASC)