Manufacturing industry decline slows down

THE rate of decline of the manufacturing industry has slowed but employers are still shedding jobs and dropping prices, the NCB Purchasing Managers’ Index indicates.

The index hit a four-month high in August but remained below the critical break-even point of 50, NCB Stockbrokers said yesterday.

The index of business conditions in the manufacturing economy in August rose to 48.1 in August from 45.8 in July, NCB said. It was the 11th month in a row the index has been below 50, indicating continued contraction of the sector, but NCB said the sharp rise suggested the rate of deterioration had eased markedly and was the least severe since April.