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Indonesia PMI November 2019

Indonesia: PMI rises in November, but remains depressed

Indonesia’s manufacturing sector deteriorated further in November according to the Purchasing Managers’ Index (PMI) released by IHS Markit, albeit at a milder pace. The PMI reading increased to 48.2 in November, up from 47.7 in October. As a result, the index remained well below the 50-threshold that signifies deteriorating operating conditions in the manufacturing sector.

November’s reading came amid lower new orders and production, although both fell at slightly slower rates than in the prior month. Employment also declined, while falling backlogs of work and higher stocks of finished products indicated lower overall demand for Indonesian manufactured goods. On the price front, input and output prices continued to weaken in November.

Regarding November’s dreary reading, Bernard Aw, Principal Economist at IHS Markit, commented with a note of positivity about the future, stating:

“There were tentative signs of the manufacturing malaise bottoming out, as reflected by an easing in the rate of deterioration in operating conditions and business confidence rising to a five-month high.”

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