Wahyu Dwi Anggoro
IDXChannel - Business conditions across the ASEAN manufacturing sector continued to improve slightly during February 2024, according to the latest purchasing managers' index (PMI) data by S&P Global.
The headline S&P Global ASEAN Manufacturing PMI rose to 50.4 in February 2024 from 50.3 in the previous month, thereby signalling a second successive monthly improvement in operating conditions. However, the pace of improvement remained only marginal.
“The ASEAN manufacturing sector recorded a further improvement in business conditions during February, albeit one that was marginal," Maryam Baluch, Economist at S&P Global Market Intelligence, said in a media release, Wednesday (1/3/2024).
"A buildup of orders from previous months and higher staff numbers supported a sustained rise in production. However, manufacturers again failed to record any growth in new orders, with lower customer demand seen across Thailand, Myanmar and Malaysia," Baluch added.
Finally, ASEAN manufacturers were optimistic regarding the 12-month outlook for output. However, overall confidence fell to a four-month low and remained below the long-run survey average.
