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Thailand PMI May 2024

Thailand: Manufacturing PMI enters expansionary territory in May

The S&P Global Thailand Manufacturing Purchasing Managers’ Index (PMI) rose to 50.3 in May from 48.6 in April. As a result, the index moved above the 50.0 no-change threshold, and signaled an improvement in manufacturing-sector operating conditions compared to the previous month.

Key drivers behind the May improvement included a significant increase in manufacturing output—the fastest since August of the previous year—and a stabilization in new order volumes. Additionally, there was a renewed expansion in employment and purchasing activity; manufacturers aimed to increase their capacity in response to the first rise in backlogs of work in nearly a year.

On the topic of prices, May data revealed muted inflationary pressures, with input prices continuing to fall and output prices increasing only marginally. Lastly, manufacturers remained optimistic about the future, with confidence in the 12-month outlook for output running above the pre-pandemic trend.

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