November manufacturing PMI dips to lowest since May


Impact of Covid-19 pandemic: Malaysia’s economy in the third quarter contracted at a smaller pace of 2.7% in the third quarter ended Sept 30, 2020 compared with the 17.1% plunge in the second quarter.

KUALA LUMPUR: Malaysia's November manufacturing purchasing managers’ index fell to 48.4 from 48.5 in October, according to IHS Markit data.

According to Bloomberg, the index was down from 49.5 a year ago and it was the lowest reading since May this year.

“Output falls to 46.3 vs 47 in October. Lowest reading since May 2020 as new orders fall vs prior month, ” it said. (chart below)

A reading above 50 signals expansion while less than 50 means a contraction.

Malaysia’s economy in the third quarter contracted at a smaller pace of 2.7% in the third quarter ended Sept 30, 2020 compared with the 17.1% plunge in the second quarter. The 2.7% decline was better than consensus expectation of a 3.7% contraction.

For 2020, Malaysia will be in a recession, contracting between 3.5% and 5.5%, before expanding between 6.5% and 7.5% next year.

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IHS Markit , recession , manufacturing , PMI

   

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