ASEAN Manufacturing PMI slips into contraction in July
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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