Hungary PMI rises to 50.8 in September

Analysis

Hungary's seasonally adjusted Purchasing Managers Index (PMI) rose to 50.8 in September from its 2011-low of 50.1 in August, the Hungarian Association of Logistics, Purchasing and Inventory (HALPIM) announced on Monday.

The index has indicated steady expansion in the manufacturing sector since July 2010, including steady high growth between last November and April this year, and a slowdown since May.

A PMI of over 50 indicates an expansion of the manufacturing sector compared to the preceding month, while a PMI of below 50 indicates contraction of the sector.

Of the PMI five sub-indices, three reflected an increase, one contraction and one stagnation in September.

The PMI's employment sub-index was above 50 for the 12th consecutive month in September, though dropped in comparison to August.

The production sub-index was above 50 for the 21st-consecutive month in September, though declined in comparison to August. The increase was the second longest since a steady rise between July 2005 and June 2007.

The new order sub-index was above 50 for the 19th-consecutive month in September, rising less than in August. The index's increase is the longest except for a 36-month rise between July 2005 and June 2008.

The delivery time sub-index remained below 50 in September, indicating a further, albeit milder, lengthening of delivery times during the month, for a record 22nd-consecutive month.

The purchased stocks sub-index was unchanged in September, below its long-term September average. The index has fluctuated in the past few months, rising in April-June, falling in July and rising in August.

The HALPIM PMI index and sub-indices are based on monthly surveys of 100 supply managers at manufacturing companies in Hungary.

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