Poland's manufacturing sector contracted at the fastest pace in nearly four years in April, owing to sharper declines in output and new orders, data released by Markit Economics and HSBC Bank showed Thursday.
The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector dropped to 46.9 in April from 48 in March, marking the worst deterioration in operating conditions since July 2009. An index reading below 50 indicates contraction, while one above suggests growth.
The volume of new orders received by Polish manufacturers declined further in April, continuing the trend seen since February 2012, and the rate of contraction accelerated for the second consecutivemonth.
Reflecting the decline in new orders, output fell for the twelfth consecutive month, and at the fastest pace since June 2009.
Employment in the sector fell for the eighth successive month in April, the longest sequence of job shedding in nearly three-and-a-half years. Input prices fell for the fourth month in a row, while output prices declined for the ninth time in ten months.
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