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Financial News: Indonesia Manufacturing Sector Ebbs In June - S&P

Indonesia Manufacturing Sector Ebbs In June - S&P Global

06/30/2024 - 20:58:00 (RTTNews)

(RTTNews) - The manufacturing sector in Indonesia continued to expand in June, albeit at a slower pace, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 50.7.

That's down from 52.1 in May, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

The downward movement in the headline PMI was driven by slower rates of expansion in both output and new orders. Production rose at the softest pace since May 2023, while new order growth was the weakest in the current 13-month sequence of improving demand. Weak export sales again weighed on order books, with new export business down for the fourth successive month.

With production rising faster than new orders again in June, Indonesian manufacturers were able to deplete their outstanding business. Backlogs of work fell for the first time since last November. Latest data also showed that stocks of finished goods fell for the first time since January and at the steepest rate since July 2022.

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