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Hungary PMI hits all-time low in January

  Hungary’s seasonally adjusted Purchasing Managers’ Index (PMI) fell to 38.6 in January from 40.8 in December, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which publishes the index, said on Monday.

The January reading is the index’s lowest since September 1995, when Halpim started compiling the data. An index above 50 indicates a pick-up in manufacturing activity while a figure below 50 shows contraction. Hungary’s seasonally adjusted PMI fell under 50pc in October as the country suffered the effects of the global financial crisis and looming recession. Unadjusted PMI dropped to 34.8 in January from 33.1 in December.

Among the sub-indices that comprise the index, the seasonally-adjusted new order volume index posted a big fall after only limited changes in the previous two months, dropping 7.4 percentage points to 33.3 in January from December.

The production volume index rose 5.2 to 38.6, but was still well under its value in October. The employment index dropped 4.7 to 37.6, its lowest point ever.

The delivery time index fell 1.5 to 50.9, but was still the only index that showed an improvement. The index for purchased stocks decreased 3.8 to 36.4 after stagnating for three months.

Among the indices that Halpim publishes but does not include in the PMI, the seasonally-adjusted purchase volume index slipped 1.2 to 36.1, falling at a slower rate than in December, but remaining in the same range as it has since October.

The purchase price index slid 11.6 to 37.2, falling for the second month in a row. The index for stock of finished goods rose 1.1 to 47.9. The export volume index fell 3.3 to 39.0 and the import index was flat at 38.9, showing both exports and imports are falling at about the same pace. MTI-Econews)