Economy

Malaysian manufacturing sector slowed further in September - PMI

Malaysian manufacturing sector slowed further in September - PMI”

"The manufacturing sector showed positive signs of recovery in September as operating conditions stabilised, and the output index posted above the crucial 50.0 neutral mark for the first time since February", said IHS Markit economist Sian Jones. A sub-index of new export orders expanded for the first time this year.

The composite PMI also includes a measure of activity in the bloc's dominant services industry, which according to a flash reading contracted last month.

'Some firms continued to make use of the furlough scheme to retain their workforce, but larger numbers of redundancies this month means we have a wretched end to the third quarter as job numbers fell for the eighth month in a row'.

IHS Markit chief business economist Chris Williamson said some pull-back in the rate of recovery was always likely after the initial rebound from the collapse in global demand at the height of the pandemic, and September accordingly saw a renewed deterioration in the production trend.

"September saw United Kingdom manufacturing continue its recovery from the steep Covid-19-induced downturn", says Rob Dobson, director at IHS Markit, which compiles the survey. The release showed strong new orders and production but the highest inflationary pressures in nearly two years.

More news: Coronavirus command council lays down the rules as SA borders reopen

August marked the fastest growth in the United Kingdom manufacturing sector since 2014, as the easing of COVID-19 restrictions led factories to restart production across the country. Any reading above the 50 level indicates growth. "New pipelines of work increased for the third month in a row and export orders the strongest for nearly two years".

Also in focus, initial jobless claims dropped last week as the USA jobs market continued on its slow recovery from the Covid-19 pandemic.

Core personal consumption expenditures, which the Federal Reserve uses as its inflation gauge, rose 1.6% year-over-year in August, below the central bank's 2.0% goal.

Business confidence remained solid but dipped below the series average with firms pointing to the pandemic.

Meadows, who also said any package valued at over $2.0trn would be a "real problem", also stated the most recent proposal included $20.0bn for airlines as part of an effort to provide them with a six-month extension to keep workers on their payrolls. The rate of expansion picked up to the fastest since early-2012.



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