Taiwan: Manufacturing PMI falls to near two-year low in May
The S&P Global Manufacturing Purchasing Managers’ Index (PMI) fell to 50.0 in May from 51.7 in April. May’s result marked the worst performance since June 2020. As a result, the index pointed to stagnating business conditions from the previous month.
The moderating value of the index stemmed from a steeper fall in output and the first contraction in new orders in nearly two years, as Covid-19 restrictions in China led to material shortages and general demand conditions softened. That said, employment increased somewhat in the month. Meanwhile, input and output inflation eased but remained elevated, while business sentiment turned pessimistic for the first time since May 2020.