It pointed to the 21st consecutive period of contraction in manufacturing activity, but marked the least pronounced since April 2023, as output and new orders fell at a softer pace. Nevertheless, demand conditions for both domestic and external remained historically subdued, with firms cutting employment and purchasing activity at a faster rate amid efforts to reduce cost.
On the price front, input costs grew for the first time in a year, due to increasing prices for transportation and wage bill, while output charges continued to decline but at a softer pace compared to January.
Finally, the level of confidence for the 12-month outlook rose to its highest in almost a year, mainly driven by planned investment in new products and facilities, and hopes of more favorable demand conditions.
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