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Financial News: Taiwan Manufacturing Contraction Softens On Weaker Demand,

Taiwan Manufacturing Contraction Softens On Weaker Demand, Output

01/03/2023 - 01:36:00 (RTTNews)

(RTTNews) - Taiwan's manufacturing contraction eased at the end of the year, but remained marked overall amid still severe falls in output and new orders, survey figures from S&P Global showed on Tuesday.

The manufacturing Purchasing Managers' Index rose to 44.6 in December from 41.6 in November. However, any score below 50 signals contraction.

New orders rose at the slowest pace in six months, though they were among the sharpest in the survey's history.

Despite easing from November, the rate of fall in new export business was sharp amid lower demand across Europe, mainland China, and the US in particular.

The contraction in production was also sharp in December, but the pace of decline was the softest since June.

Companies maintained their caution in relation to hiring due to the lack of strain on operating capacity. After a slight dip in November, employment numbers remained largely stable by the end of the year.

New orders rose at the slowest pace in six months, though they were among the sharpest in the survey's history.

Manufacturers remained pessimistic about production expectations in the year-ahead on concerns over the global economy, inflation, and weak customer demand.

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