Factory activity slips to 4-year low in Nov

Philippine manufacturing activity slid into contrac- tion mode in November, falling to its lowest level in over four years, due to weak demand.

- By LOUELLA DESIDERIO

Workers are seen at a manufacturing facility in Santa Rosa, Laguna.

In a statement yesterday, S&P Global said that the Philippine manufacturing purchasing managers’ index (PMI) —a barometer of manufacturing activity — stood at 47.4 in November, down from the previous month’s 50.1.

S&P Global said the latest PMI reading is the “strongest deterioration in operating conditions across the Filipino manufacturing sector since August 2021.”

Derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases, the PMI is a measure of manufacturing performance.

An above 50 PMI reading indicates an overall increase compared to the previous month, while below 50 indicates a decline.