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Free AccessPMI Driven By Domestic Demand, Overseas Orders Deteriorate Again
The Indonesian S&P Global manufacturing PMI for January improved to 51.3 from 50.9, its second consecutive monthly rise and 17th month above 50. It continues to remain just in expansionary territory driven by better output and domestic sales. Foreign orders deteriorated for the 8th straight month reflecting slowing global growth, which is likely to remain an issue through 2023.
- Price pressures remained elevated but eased with input costs rising at their slowest rate for two years and pass through to output inflation at a 20-month low. Respondents also noted a softer USD and discount requests had reduced their pricing power. This is good news for Bank Indonesia which has hiked rates 225bp so far this cycle and pivoted to 25bp at its January meeting.
- S&P Global commented that firms were reporting a “high level of client requests” and thus a “positive sales pipelines”.
- While firms felt confident enough to build inventories, they kept staffing levels the same despite capacity constraints, demonstrating a cautious approach. Sentiment remains below its average.
- See report here.
Source: MNI- Market News/Bloomberg/S&P Global
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.