Jakarta: The headline seasonally adjusted S&P Global Indonesia Manufacturing Purchasing Manager’s Index™ (PMI) posted 51.8 in October 2022, down from 53.7 in the previous month.
Having posted above the 50.0 no-change mark, the headline PMIwas consistent with a fourteenth consecutive monthly improvement in the health of Indonesia’s manufacturing sector.
The rate of expansion eased to a two-month low, however.
"The latest survey data indicated that Indonesia’s manufacturing sector continued to grow at a solid pace at the start of the fourth quarter, underpinned by robust demand conditions. While some supply constraints persisted, such as in the lengthening of lead times, overall growth appears unaffected," Jingyi Pan, Economics Associate Director at S&P Global Market Intelligence, said in a media release on Monday.
"Inflationary pressures meanwhile further eased for Indonesian manufacturers, which was a positive sign. Input cost and selling price inflation dipped to 22- and 17-month lows, respectively, with selling price inflation now running below the long-run series average. Manufacturers’ confidence also further improved to the highest since March as firms held hopes that economic conditions can improve to drive sales. Businesses also continued to acquire inputs and hire staff at the start of Q4, reflecting the positive expectations with regards to future output," the economist stated.
Overall sentiment in the manufacturing sector remained positive with the level of business confidence rising to the strongest since March.
Indonesian manufacturers were generally hopeful that sales will improve with better economic conditions.
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