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Manufacturing PMIs Soften & Confidence Weaker But Still Positive

ASIA

The November Global S&P manufacturing PMIs in Indonesia and Thailand moderated further from their September peak but remain above the breakeven 50 level. Business confidence in both remained positive but deteriorated on cost and global growth concerns.

  • In Indonesia, the PMI indicated moderate growth in manufacturing output at 50.3 from 51.8 last month, the lowest since June.
    • The drop was driven by weaker demand and output growth, and foreign sales actually fell. The slowdown is also resulting in muted job creation.
    • Even though input price inflation moderated in November, producers are still able to pass rising costs onto customers, which is something BI is likely to be watching.
    • See PMI report here.
    Indonesia Global S&P manufacturing PMI

  • The Thai manufacturing PMI fell to 51.1 from 51.6 but still indicating positive growth in the sector. It’s the lowest reading since June as well.
    • New orders, including from overseas, deteriorated in November but production growth supported the index overall. This drove a record fall in work outstanding and a lacklustre employment outcome.
    • Input cost inflation fell to its lowest in 15 months, consistent with the “gradual” tightening approach being taken by the BoT.
    • See PMI report here.
    Thailand manufacturing

Source: MNI - Market News/S&P Global/Refinitiv


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The November Global S&P manufacturing PMIs in Indonesia and Thailand moderated further from their September peak but remain above the breakeven 50 level. Business confidence in both remained positive but deteriorated on cost and global growth concerns.

  • In Indonesia, the PMI indicated moderate growth in manufacturing output at 50.3 from 51.8 last month, the lowest since June.
    • The drop was driven by weaker demand and output growth, and foreign sales actually fell. The slowdown is also resulting in muted job creation.
    • Even though input price inflation moderated in November, producers are still able to pass rising costs onto customers, which is something BI is likely to be watching.
    • See PMI report here.
    Indonesia Global S&P manufacturing PMI

  • The Thai manufacturing PMI fell to 51.1 from 51.6 but still indicating positive growth in the sector. It’s the lowest reading since June as well.
    • New orders, including from overseas, deteriorated in November but production growth supported the index overall. This drove a record fall in work outstanding and a lacklustre employment outcome.
    • Input cost inflation fell to its lowest in 15 months, consistent with the “gradual” tightening approach being taken by the BoT.
    • See PMI report here.
    Thailand manufacturing

Source: MNI - Market News/S&P Global/Refinitiv


Keep reading...Show less