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ASEAN PMI Points To Slowing Industrial Growth

ASIA

Manufacturing output in the ASEAN region continued to grow in July but at a slightly slower rate with the S&P Global manufacturing PMI easing to 50.8 from 51, stronger than globally at 48.7. It has been above 50 for almost two years. Most countries in the region are seeing industrial output expand with Indonesia leading. Production and orders growth slowed, with exports shrinking at their fastest in 4 months, driving a slight reduction in employment. With higher costs and lower orders, business confidence deteriorated to its lowest in three years.

  • Thailand’s manufacturing PMI eased to 50.7 from 53.2, lowest since June 2022, driven by shrinking new orders leading to job losses and inventory drawdown. Output growth moderated to its slowest since December 2021. Foreign orders rose but at a slower rate while lacklustre economic conditions saw a decline in domestic demand. Input cost pressures fell for the first time since September 2020 with output prices rising at the slowest rate in almost two years. Businesses were less optimistic regarding the outlook with it falling to an 18 month low due to political and economic uncertainty.
ASEAN S&P Global Manufacturing PMI

Source: MNI - Market News/Bloomberg

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