Hungary's seasonally-adjusted Purchasing Manager Index (PMI) fell to 44.7 in October from 49.9 in September, reaching a ten-year low as a worsening of the global financial crisis caused Hungarian markets to plunge and the forint to weaken sharply, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which publishes the index, said on Monday.
The adjusted PMI beat the previous record low of 45.5 million, set in October 1998. The figure was also well under the 55.3 average in the same month in the previous three years.
The unadjusted index dropped to 45.4 in October from 56.4 in September.
A PMI over 50 reflects an expanding manufacturing sector, while a PMI under 50 indicates a contraction.
Among the sub-indices that comprise the index, the new order volume index fell 8.8 from September to 41.9 in October. The production volume index dropped 6.4 to 44.4, the employment index declined 5.1 to 46.3, and the delivery time index inched up 0.1 to 49.5. The index for purchased stocks fell 5.4 to 42.2.
Among the indices that Halpim publishes but does not include in the PMI, the purchase volume index dropped 9.6 from September to 39.2 in October. The purchase price index fell 1.7 to 54.9. The index for stock of finished goods dropped 3.0% to 51.2. The expert volume index dropped 6.0 to 48.5 and the import volume index slipped 3.7 to 49.99. (MTI – Econews)