Malaysia's Manufacturing PMI Rises To 7-month High Of 47.9 In November

KUALA LUMPUR, (APP - UrduPoint / Pakistan Point News - 1st Dec, 2023) The seasonally adjusted S&P Global Malaysia Manufacturing Purchasing Managers' Index (PMI) rose to a seven-month high of 47.9 in November, up from 46.8 in October, signaled a muted moderation in the health of the sector.

S&P Global Market Intelligence said in a note on Friday that the PMI indicated that the final quarter of 2023 will see continued growth in Malaysia, with the magnitude of the expansion likely to be similar to the 3.3 percent year-on-year increase posted in the third quarter.

S&P Global Market Intelligence Economics Director Andrew Harker said that although Malaysian manufacturers remained under pressure in November, the latest PMI data provided tentative signs that the sector may be turning a corner.

According to him, 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 stabilization during the month.

He said that business confidence also picked up, suggesting that these nascent improvements have the potential to be sustained into 2024.

"Firms will be hoping that this is the case, and that demand can start to strengthen to an extent so that meaningful growth can be recorded in the not too distant future," he added.