AMSTERDAM (dpa-AFX) - The Dutch manufacturing sector grew at a record pace in May, survey results from IHS Markit showed on Tuesday.
The NEVI manufacturing Purchasing Managers' Index, or PMI, rose to 69.4 in May from 67.2 in April. Any reading above 50.0 indicates expansion in the sector.
Output and new orders increased in May. Stocks of purchases rose at the fastest pace on record.
Suppliers' delivery times lengthened in May and backlogs of work increased. Employment rose for the seventh straight month.
Cost inflation was the steepest on record in May and output prices increased.
Firms remained positive in the coming 12 months and was the strongest on record.
'Although chip shortages will probably ease somewhat after the summer, we believe some firms might have to deal with shortages for the rest of the year, particularly car manufacturing,' Albert Jan Swart, manufacturing sector economist at ABN AMRO, said.
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