WARSAW, July 1(Reuters) - The contraction in Polish factory activity accelerated in June as output and new orders both declined further and at faster rates than in the previous month.
The IHS Markit purchasing managers’ index for manufacturing fell to 48.4 in June from 48.8 in May, below the 48.9 expected by analysts in a Reuters poll and below the 50.0 level that separates growth from contraction.
June saw the strongest decline in new orders in 2019 so far and the fastest build-up in unsold stock in over 20 years.
“The downturn in Poland’s manufacturing sector ran to an eighth consecutive month in June,” said Trevor Balchin, Director at IHS Markit, which compiles the Poland Manufacturing PMI survey.
“Worryingly, the declines in output and new business gathered pace, although the hit on the headline PMI was tempered somewhat by the first increase in employment in five months.”
Reporting by Alan Charlish; Editing by Hugh Lawson