ASEAN manufacturing growth drops to near 4-year-low in October
The headline PMI decreased by 1.2% to 48.5 in October, standing below the key 50 point which indicates growth in the sector.
The employment index decreased for the fifth successive month amid weaker demand and lower production levels at manufacturing companies. Factory output contracted at the fastest rate since November 2015, while new orders fell for the third month in a row.
Only two of the seven ASEAN countries saw an improvement in operating conditions, with Myanmar logging the strongest performance. The Philippines was the last to show a moderate improvement in the health of its operating conditions.
Thailand was placed as the third in the rankings as no change was recorded in its manufacturing index as was the case in Vietnam, coming as the fourth. Manufacturing growth in Malaysia continued to deteriorate for the 13th month in a row, while Indonesia and Singapore stood at the bottom of the table.
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