Turkish Manufacturing Activity Contracts Sharply in April
May 05 2020
Meanwhile, both input costs and output prices were lowered markedly as suppliers and manufacturers themselves offered discounts in an attempt to secure orders.At 27.4 in April, the seasonally adjusted IHS Markit India Manufacturing PMI fell from 51.8 in March.
Earlier today, IHS Markit said in a statement the headline IHS Markit Malaysia Manufacturing PMI was at 31.3 in April, down from 48.4 in March. The indices vary between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease.
The decline in operating conditions was partially driven by an unprecedented contraction in output.
The widespread business closures severely hampered demand conditions in April. Output and new orders both fell at the quickest rates since the depths of the global financial crisis in January 2009, with many firms noting that lockdowns across key export markets in Europe and the United States had weighed heavily on performance.
"After making it by March comparatively unscathed, the Indian manufacturing sector felt the complete power of the coronavirus pandemic in April", famous Eliot Kerr, economist at IHS Markit.
In that respect, with an increasing number of governments looking at ways to ease Covid-19 restrictions, it's likely that we will soon see the rate of export decline moderate, helping drive a recovery in production.
Following measures taken to contain the outbreak of COVID-19, market analyst IHS Markit's recent report has indicated a sharp decline in revenue and production volumes for local manufacturing.
A private-sector survey in Australia on Monday showed job advertisements plunging a record 53.1% in April, a decline that was nearly five times larger than the previous record of 11.3% in January 2009.
This was the sharpest deterioration since the survey began over fifteen years ago. This was the quickest in the survey history. "The degree of optimism remained well below the historical average". Deteriorating demand conditions saw manufacturers drastically cut back staff numbers in April.
Eurozone manufacturing firms suffered a record slump on the closely watched purchasing manager' index (PMI) in April.
The government had placed the entire country on lockdown on March 25 and has now extended it, in the third phase, until May 17, with few relaxations in the orange and green zones.
As per the official update on Monday afternoon, India has recorded 42,533 COVID-19 cases with 1,373 deaths so far.