Manufacturing activity remains weak in October amid subdued demand
Manufacturing Purchasing Managers’ Index (PMI) was unchanged (46.8; Sep: 46.8) in October
- The index also remained at a contraction level (below the neutral level: 50.0) for the fourteenth straight month, signalling a continued weakness of manufacturing activity. The slowdown is closely attributed to weaker demand, both from domestic and international levels.
Production was scaled back amid weak demand conditions
- New orders and new exports softened without sign of demand revival. Consequently, output levels fell for the fifteenth month, marked as the fastest since January.
- Backlogs of work fell sharply to a record high as manufacturers transferred spare resources to work on outstanding business.
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