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Malaysia PMI February 2024

Malaysia: Manufacturing PMI downturn softens in February

The S&P Global Malaysia Manufacturing Purchasing Managers’ Index (PMI) improved to 49.5 in February from 49.0 in January, marking the highest reading since the current sequence of decline began in September 2022. As a result, the index remained below the 50.0 no-change threshold, but signaled a softer deterioration in manufacturing sector operating conditions compared to the previous month.

In February, the Malaysian manufacturing sector edged closer to stabilization thanks to a slower moderation in new orders and production levels. Additionally, purchasing activity, employment levels and backlogs of work were broadly stable.

Regarding prices and business sentiment, the report highlighted a nuanced picture. While input costs for manufacturers rose due to higher raw material prices and currency weakness, output charges growth was only fractional as firms aimed to stimulate sales through competitive pricing. Business sentiment, on the other hand, dipped to a six-month low, driven by tempered optimism about the future.

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