Wahyu Dwi Anggoro
IDXChannel - The headline S&P Global ASEAN Manufacturing Purchasing Managers’ Index (PMI) posted above the neutral 50.0 threshold for the twenty-second successive month in July 2023.
However, at 50.8, the headline index edged down from 51.0 in June and for the third consecutive month, signalling the weakest improvement in the health of the ASEAN manufacturing sector since last December.
July data pointed to a mixed picture across the ASEAN region, with only four of the seven constituents registering an improvement in operating conditions.
Displacing Thailand, Indonesia led the PMI rankings for the first time in 20 months. Moreover, the latest reading of 53.3 signalled a solid rate of expansion that was the quickest in ten months.
After the headline index eased to an 11-month low in June, manufacturing firms across the Philippines also registered a stronger improvement in conditions in July (PMI at 51.9). Goods producers in Myanmar were not far behind, with the headline PMI reading of 51.1 picking up from a five-month low in June.
