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Hungary PMI rises over 50 in February

Analysis

Hungary's seasonally-adjusted Purchasing Managers Index (PMI) rose to 50.5 in February from 49.8 in January, just over the 50 threshold which shows a contraction or an expansion of the sector, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which published the monthly index, said on Thursday.

PMI rose over 50, signaling an expansion of the sector, after contractions in the previous four months. PMI was steadily over 50, showing an expansion, between July 2010 and July 2011, but indicated a contraction in five of the seven months that elapsed since.

The February PMI was below the 52.0 average February value measured since 1996.

Among the sub-indices that comprise the PMI, the new orders index slipped further, showing a decline now for the fourth time in five months, the longest decline since the one between April and August 2009. The production volume index rose, however, over 50, showing an expansion after three months of contraction. The employment index was over 50.0 now for the second month after declines between last October and December. The delivery time index shows orders took longer to arrive, showing no change in the trend prevailing now for the 27th month. The purchased stocks index rose over 50 after showing a contraction in January, and the value of the sub-index was slightly above the long-term average.

Among the indices that Halpim compiles but does not include in the PMI, the purchase volume index rose surpassed 50 after contracting for four months. The purchase price index showed prices rose at a slower rate. The stock of finished products index showed a continued rise in inventories. The import volume index rose, showing an increase in import volume after four months of decline. The export volume index fell but still showed an expansion, now for the 27th month in a row.

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