Jakarta: Indonesia’s manufacturing sector continued to expand in November, albeit at a marginal rate, according to the latest PMI™ data.
The headline seasonally adjusted S&P Global Indonesia Manufacturing Purchasing Manager’s Index™ (PMI) posted 50.3 in November, down from 51.8 in October.
Having posted above the 50.0 no-change mark, the headline PMI was consistent with a fifteenth consecutive monthly improvement in the health of Indonesia’s manufacturing sector.
The rate of expansion was the slowest seen in five months, however, and only slight.
"November’s PMI data revealed growth slowing across the Indonesian manufacturing sector midway through the fourth quarter. A slower improvement in overall demand conditions, amid a notable fall in foreign sales, had been one of the main culprits underpinning the loss of growth momentum," Jingyi Pan, Economics Associate Director at S&P Global Market Intelligence, in a media release on Thursday.
"Central to the slowdown in demand had been the persistent upturn in costs, although input price inflation slowed again in November, which provided some relief for manufacturers. Nevertheless, selling prices continued to rise as firms passed on additional costs to clients, which may warrant continued monetary policy attention in the near term," Pan added.
Overall business confidence waned in November further outlining the risk that the sector could fall into decline unless there is a meaningful improvement in demand.
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