Hanoi (VNA) – The Purchasing Managers’ Index (PMI) of Malaysia rose to a seven-month high of 47.9 in November, up from 46.8 in October, signaling a muted moderation in the health of the manufacturing sector, according to S&P Global.
S&P Global Market Intelligence said the historical relationship between the PMI and official GDP data indicates that the final quarter of 2023 will see continued growth, with the magnitude of the expansion likely to be similar to the 3.3% year-on-year increase posted in the third quarter.
Andrew Harker, Economics Director at S&P Global Market Intelligence, noted: "Although Malaysian manufacturers remained under pressure in November, the latest PMI data provide tentative signs that the sector may be turning a corner.”
New orders moderated to a lesser extent, and this fed through to softer slowdowns in output, purchasing and employment, the latter of which was close to stabilisation during November, he noted.
Business confidence also picked up, suggesting that these nascent improvements have the potential to be sustained into 2024, Harker opined./.
S&P Global Market Intelligence said the historical relationship between the PMI and official GDP data indicates that the final quarter of 2023 will see continued growth, with the magnitude of the expansion likely to be similar to the 3.3% year-on-year increase posted in the third quarter.
Andrew Harker, Economics Director at S&P Global Market Intelligence, noted: "Although Malaysian manufacturers remained under pressure in November, the latest PMI data provide tentative signs that the sector may be turning a corner.”
New orders moderated to a lesser extent, and this fed through to softer slowdowns in output, purchasing and employment, the latter of which was close to stabilisation during November, he noted.
Business confidence also picked up, suggesting that these nascent improvements have the potential to be sustained into 2024, Harker opined./.
VNA
