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ASEAN Manufacturing PMI slips into contraction in July

by ChemOrbis Editorial Team -
  • 02/08/2017 (18:36)
According to the Nikkei Manufacturing Purchasing Managers’ Index (PMI), the manufacturing PMI in ASEAN countries declined to a reading of 49.3 in July from 50 in June. This was the first time the manufacturing PMI of the region was below 50-threshold since the beginning of this year, which signals a contraction. The deterioration was attributed to lower total new orders and output and thereby weakening employment.

Within the region, manufacturing in the Philippines and Vietnam remained robust in July. However, manufacturing activities changed direction in Thailand with an index declining to a reading of 49.6 in July while PMI readings for Indonesia, Malaysia and Singapore also posted modest decreases.

According to the recent report, demand for ASEAN goods weakened at the start of the third quarter given weaker demand from both local and export markets, which pushed factories to lower their production in July. Output fell for the first time of this year, posting the steepest decline seen since November 2015.
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