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The S&P Global Poland Manufacturing PMI rose to 49.2 in October 2024, up from 48.6 in September and exceeding forecasts of 48.4. This reading marked the fourth consecutive month of improvement and the highest level since April 2022, indicating a near-stabilization in the sector. This shift was driven by renewed growth in output, ending a record 29-month decline. Employment also grew for the first time in over two and a half years, following the longest stretch of job shedding since 2004. However, new orders continued to fall, extending a 32-month contraction trend, with the pace of decline accelerating for the first time in five months. On the price front, October saw the sharpest drop in input costs since October 2023, while output charges declined at the fastest pace in seven months. Looking forward, manufacturers remain cautious, with 12-month outlook optimism below the long-term trend, largely due to concerns over weaknesses in the German economy and the automotive sector.