Both manufacturing and services sectors contracted significantly in October from their positions in September following the detection of the Minuwangoda Covid-19 cluster on 4 October and the resultant second wave of the pandemic. According to the manufacturing and services Purchasing Managers’ Indices (PMIs) released by the Statistics Department yesterday (25), manufacturing PMI declined 19.5 index points compared to September 2020 while the services PMI saw a decrease of 12.5 index points compared to September 2020. The production of all manufacturing sectors declined significantly together with the decline of employment in October. Further, business activities related to insurance and educational services sub-sectors also saw declines during the month. The department also highlighted the impact of the second wave on the workforce.

Source: The Nation November 26, 2020 02:15 UTC