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Banking

Seasonally-adjusted PMI drops by 2.7pts m/m to 51.7pts in November.

Seasonally-adjusted PMI drops by 2.7pts m/m to 51.7pts in November. The seasonally-adjusted Purchasing Manager Index (PMI) dropped by 2.7pts m/m to 51.7pts in November, the index compiler Halpim announced. The outturn indicates 3.1pts deterioration in annual terms, but it is still roughly on par with the 51.6pts average for the month of November in the past 3 years. The main factors for the m/m decline in November were the new order and production volume sub-indices, which decreased by 4.6pts m/m and 4.2pts m/m, respectively. Still, we note that both of them remained in the above-50 territory (in the PMI indices reading below 50 indicates contraction, while above 50 signifies expansion). On the opposite side, the employment sub-index rose by 1.2ots m/m to 48.9pts thus showing contracting employment market for the second month in a row. Among the sub-indices calculated by Halpim, but not included in the PMI, we note the steep 9.2pts m/m drop in the purchasing price index, which still remained at relatively high 62.8pts in November.

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