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Malaysia PMI August 2023

Malaysia: Manufacturing PMI stable in August

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) was unchanged at July’s 47.8 in August. As such, the index remained below the 50.0 no-change threshold, signaling a continued deterioration in manufacturing sector operating conditions.

Activity in the sector remained muted in August. Sluggish demand domestically and abroad, downbeat customer confidence and declining new orders continued to weigh on production and employment levels. In turn, buying activity was scaled back again, with stocks of purchases dipping at the fastest pace in two years. Deteriorating vendor performance also weighed on August’s reading.

On the price front, input costs rose for the fifth consecutive month, reaching a nine-month high in August due to exchange rate weakness. Meanwhile, optimism for the next 12 months was modest and weaker than the long-run average.

Usamah Bhatti, economist at S&P Global Market Intelligence, commented on the release:

“Evidence is pointing to demand conditions remaining subdued in the coming months, given the sustained moderations in production and new business inflows. Moreover, there was a steeper scaling back of employment levels as firms let go of excess capacity, partly due to efforts to cut costs.”

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