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Malaysia PMI July 2022

Malaysia: Manufacturing PMI edges up in July

The Manufacturing Purchasing Managers’ Index (PMI), produced by S&P Global, ticked up to 50.6 in June from 50.4 in May. As a result, the PMI inched further above the 50-threshold that separates improving from deteriorating conditions in the manufacturing sector compared to the previous month.

The outcome was mainly led by a rebound in output, after seven straight months of contraction. Meanwhile, robust client demand resulted in a quicker increase in new orders. Nonetheless, employment levels fell slightly from the previous month. Regarding prices, input cost inflation eased to a 10-month low due to lower reported costs for some commodities. Regardless, companies rose their selling prices. Lastly, optimism over the coming 12 months improved amid hopes of a recovery from elevated price pressures and supply chain disruptions.

Commenting on the release, Chris Williamson, chief business economist at S&P Global, said:

“Looking at the historical relationship between the PMI and official statistics, the latest reading signalled that industrial production is now increasing gradually after broadly stagnating throughout the first half of 2022, to hint at an encouraging start to economic growth in the third quarter. A major uncertainty remains the path of global demand, as recession risks have intensified in the US and Europe, which could severely limit any export-derived growth.”

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