Dutch manufacturing activity contracted for the first time in more than two years in September, as output, new orders, and exports all fell at steeper rates, survey results from S&P Global showed on Monday.
The Nevi manufacturing Purchasing Managers’ Index dropped to 49.0 in September from 52.6 in August.
Any score below 50.0 indicates contraction, while a reading above 50 suggests expansion in the sector.
Both output and new orders declined at the fastest pace since June 2020.
Customers had reduced their spending due to the risk of a recession, excess inventory, and rising energy costs. High prices weighed on new orders as well.
The fall in demand forced firms to cut their purchasing activity for the first time in more than two years.
On the price front, both input and output price inflation accelerated to a three-month high in September, although pressure on supply chains eased further.
Manufacturing employment continued to rise, but at the slowest rate for 20 months. Looking ahead, 12-month output expectations slid to the weakest since June 2020.
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