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Hungary's PMI 49.5, shows contraction for 2nd month

Hungary's seasonally adjusted Purchasing Managers Index (PMI) dropped slipped to 49.5 in June from to 49.6 in May, reflecting contraction in domestic manufacturing activity for the second month in a row, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which published the monthly index, announced on Thursday.

Hungary's PMI was above 50, indicating expansion in manufacturing activity, in the first four months of 2010 after continuous contraction between August 2008 and December 2009.

The adjusted index peaked at 56.0 in February and dropped to 51.6 in April before dipping below 50. Unadjusted PMI was 51.5 in June, slightly up from 51.4 in May. (MTI-Econews)