Manufacturing downturn worsened in September as demand falters
Manufacturing Purchasing Managers’ Index (PMI) fell further in September (46.8; Aug: 47.8), reflecting no sign of demand revival at the end of 3Q23
- The index remained in contraction level (below the neutral level: 50.0) for the thirteen-straight month, with manufacturing conditions eased the most since January. The extended slowdown in the manufacturing industry is highly attributed to a weaker demand in tandem with the global economic slowdown narrative.
Production was scaled down due to lack of demand as new export orders continued to softened
- New orders moderated for the thirteenth month and lowest in eight months.
- Export demand eased further since May 2020, reflecting a persistent weakness in global trade.
- Consequently, output levels fell for the fourteenth straight month owing to weaker demand.
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