Poland Factory Activity Shrinks Further in July

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Poland's manufacturing Purchasing Managers' Index (PMI) dropped to 43.5 in July from 45.1 in June, remaining contractionary for the 15th month and marking the worst reading since November 2022, as the sector remained exposed to weak European markets, survey data from S&P Global showed.

Four out of five components deepened their declines (new orders, output, employment, and stocks of purchases) amid widespread muted demand. Total new business shrank at the fastest pace in eight months, while new export orders were down the most since May 2020, when the first wave of the pandemic hit.

At the same time, production scaled back for the 15th month, but backlogs of work decreased. Employment fell for the 14th month, with companies being reluctant to replace leavers due to lower workloads.

Meanwhile, suppliers' delivery times shortened again. On inflation, both input and output costs saw record reductions. The future outlook worsened compared to June's, and co nfidence was below the series average.

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