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ASIA: Soft ASEAN Manufacturing Activity Growth

ASIA
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The ASEAN manufacturing sector continued to experience only moderate growth in November although slightly stronger than in October. The ASEAN S&P Global PMI rose to 50.8 from 50.5, the strongest in three months, but the region is mixed with Indonesia and Malaysia continuing to contract but the Philippines and Vietnam growing and Thailand steady. 

  • The pickup in the ASEAN PMI was due to stronger output growth, while November orders continued to rise, it was only slight and at the slowest pace since February with overseas demand weak. They peaked in July. The lacklustre demand outlook weighed on hiring and employment contracted last month.
  • While inflationary components remained below their series averages, cost rises increased the most in three months and selling price inflation also picked up.
  • The outlook remains subdued although better than in October, which recorded its lowest since May.
  • The Philippines continued to see rising orders although at their slowest pace for three months. In Thailand they were little changed, while in Indonesia and Malaysia they contracted but the latter had a pick up in export orders.

ASEAN S&P Global manufacturing PMI sa

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The ASEAN manufacturing sector continued to experience only moderate growth in November although slightly stronger than in October. The ASEAN S&P Global PMI rose to 50.8 from 50.5, the strongest in three months, but the region is mixed with Indonesia and Malaysia continuing to contract but the Philippines and Vietnam growing and Thailand steady. 

  • The pickup in the ASEAN PMI was due to stronger output growth, while November orders continued to rise, it was only slight and at the slowest pace since February with overseas demand weak. They peaked in July. The lacklustre demand outlook weighed on hiring and employment contracted last month.
  • While inflationary components remained below their series averages, cost rises increased the most in three months and selling price inflation also picked up.
  • The outlook remains subdued although better than in October, which recorded its lowest since May.
  • The Philippines continued to see rising orders although at their slowest pace for three months. In Thailand they were little changed, while in Indonesia and Malaysia they contracted but the latter had a pick up in export orders.

ASEAN S&P Global manufacturing PMI sa

Keep reading...Show less