Manufacturing growth in Poland quickens in November
Output growth accelerated to the fastest since March, while another strong rise in new work was registered.
Supply chains were under the most pressure in nearly seven years, judging by the extent to which input delivery times lengthened.
Input price inflation accelerated for the fourth successive month, leading to another strong rise in charges for manufactured goods.
The headline IHS Markit Poland Manufacturing PMI is a composite single-figure indicator of manufacturing performance.
It is derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases.
Any figure greater than 50.0 indicates overall improvement of the sector.
The PMI rose to 54.2 in November, from 53.4 in October.
This signalled the strongest overall growth of the Polish manufacturing sector since February and extended the current expansionary sequence to 38 months, the longest since the survey began in June 1998.
The headline figure was well above its long-run trend level of 50.5.
The upward movement in the PMI in November reflected faster output growth, a greater lengthening IHS Markit Poland Manufacturing PMI of supplier delivery times and a rise in stocks of purchases.
These were partly offset by slightly slower increases in new orders and employment.
Manufacturing production in Poland rose for the sixteenth consecutive month in November.
The rate of expansion hit an eight-month high, and was strong in the context of historic survey data.
Production was driven higher by a further sharp increase in new orders received.
The rate of expansion in new work was less marked than in September and October, but still stronger than in any other period since July 2015.
Data indicated firm demand from both domestic and export markets.
Manufacturers increased their purchasing activity in November, and built up their inventories of raw materials and other inputs.
They were also able to reduce backlogs of work for the first time in four months. ■