Manufacturing and services PMIS contract in Aug. on virus resurgence

„Import impediments amid forex shortages and rising raw material costs add to woes of many

The Purchasing Managers’ Index (PMI) for both manufacturing and services activities shrank in August as the virus began spreading again with brutal force, forcing the government to re-impose lockdowns which dealt a blow on wider economic activities.

According to data released on Wednesday, the PMI for manufacturing recorded at 45.1 index points for August, plunging from a robust 57.8 index points recorded in July when the economy started making up for the lost output during the brief normalcy that returned after a month long lockdowns in June.

Meanwhile, services PMI recorded a 46.2 index points for August, slumping from 55.7 index points in July as in-person activities such as restaurant dining, salon and grooming, weddings, entertainment and a host of other recreational activities just began to make a comeback from nearly three months long hiatus before curtains came down in August again.