Philippines PMI Suggests Solid Manufacturing Activity at Start of 2H
Dow Jones
Aug 03
0336 GMT - The Philippines' manufacturing sector began 2H on a solid footing, the latest S&P Global PMI data suggests. Headline PMI rose to a five-month high of 51.8 in July, up from June's 50.9. "A sharp rise in new orders in part provided a boost to the headline index," S&P says. Although the latest reading pointed to a modest improvement in the manufacturing sector, it marks a welcome shift from the subdued performance between March and June. However, Maryam Baluch, an economist at S&P Global Market Intelligence, points out that payroll numbers fell in July. This suggests that firms may need clearer signs of a sustained improvement in economic conditions before resuming hiring, Baluch adds.
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