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Hungary PMI picks up to 56.9 in April

Hungary's seasonally-adjusted Purchasing Managers Index (PMI) rose to 56.9 in April from 53.9 in March, reflecting a continued expansion, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which published the monthly index, said on Monday.

An index above 50 indicates an expansion in the manufacturing sector. An index under 50 shows a contraction.

The index returned to its high February value in April. The seasonally-adjusted index has shown growth every month since last July, and the pace started accelerating from November, before slowing in March.

The index well exceeded the 48.5 average April value in the previous three years as well as the 51.5 April average of the 15 years since the index has been calculated.

Commenting on the five sub-indices that comprise PMI, Halpim said the new order index fell from March but still showed growth for the eleventh month in a row, the longest growth period since the one between August 2007 and June 2008.

The production volume index rose to the second highest April level in the 15 years since the calculation of the index, and showed an expansion for the 16th month in a row. The largest production volume growth period was 24 months, measured between July 2005 and June 2007.

The employment index rose slightly further to a 15-year peak. The index showed growing headcount for the seventh month in a row.

The delivery time index fell again, reflecting longer delivery time, and remained under 50 for the 17th month in a row, the longest period ever.

The drop of the purchased stocks index halted in April and the index showed moderate growth. The purchased stocks index fell and rose twice this year after dropping seven months of 2010.

Commenting on other sub-indices, Halpim said the purchase volume index rose in April after a sharp fall, still to above 50, in March. The purchase price index showed prices rising at a slightly slower pace. The stock of finished products index inched further up in April, and was over 50 for the second month in a row after showing contraction in the previous nine months. The import index rose after a fall in March, and showed growth for the 12th month in a row. The export index also rose slightly after a moderate fall, and showed growth for the 17th month in a row.