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Financial News: Malaysia Manufacturing Sector Slips Into Contraction - S&P

Malaysia Manufacturing Sector Slips Into Contraction - S&P Global

06/30/2024 - 20:53:00 (RTTNews)

(RTTNews) - The manufacturing sector in Malaysia fell just barely into contraction territory in June, the latest survey from S&P Global showed on Monday with a manufacturing PMI score of 4.9.

That's down from 50.2 in May and is falls beneath the boom-or-bust line of 50 that separates expansion from contraction.

The average reading for the second quarter of the year was the highest since the third quarter of 2022, thus boding well for an improvement in economic growth over the quarter. The data also suggested that the recent solid expansion signaled by official manufacturing production data has been sustained beyond April.

New orders increased for the second consecutive month in June but reports from panelists that demand remained muted meant that the rate of expansion was only fractional and softer than that seen in May.

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