Manufacturing PMI up in China, Southeast Asia
The data showed that the manufacturing PMI in China continued to expand, albeit at a slower pace than February. The country’s PMI was at a reading of 51.2 when compared to 51.7 in February due to a slowdown in new export work. Despite the fall in PMI, it was still among the highest rates of expansion in four years.
Similarly, the manufacturing PMI in Malaysia moved slightly up from a reading of 49.4 in February to 49.5 in March on the back of an increase in warehouse inventories, although new orders posted a significant fall. However, this was still down the threshold of 50, which separates expansion from contraction.
The manufacturing sector in the Philippines also continued to expand with a PMI score of 53.8 in March from 53.6 in February. The sustained expansion was mainly driven by a faster rise in output, which was reflected in higher employment.
The data also showed that the manufacturing PMI in Indonesia reached to a reading of 50.2 in March after 49.3 in February owing to an expansion in new orders and output. In this way, the country’s PMI stood above 50, which indicates an expansion.
The manufacturing sector in Vietnam, meanwhile, continued to expand with a PMI reading of 54.6 in March following a reading of 54.2 in February on the back of a steep rise in production with a surge in new orders. The growth in employment also reached a six-month-high in March.
Any number above 50 indicates expansion while numbers below 50 represent contraction.
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