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Financial News: Taiwan Manufacturing Sector Falls Into Contraction - S&P

Taiwan Manufacturing Sector Falls Into Contraction - S&P Global

06/30/2022 - 21:53:00 (RTTNews)

(RTTNews) - The manufacturing sector in Taiwan slipped into contraction territory in June, the latest survey from S&P Global showed on Friday with a manufacturing PMI score of 49.8.

That's down from 50.0 in May and it falls beneath the boom-or-bust line of 50 that separates expansion from contraction.

Though only slight, it was the first time that the headline index posted below the neutral 50.0 mark for two years.

Manufacturing production in Taiwan fell for the third month running in June. The rate of contraction eased from May, but was nonetheless solid overall, with firms often blaming the fall on disruption from the pandemic, notably restrictions in mainland China and staff absences, alongside weaker customer demand.

Manufacturers signaled a back-to-back monthly fall in overall new work in June. Though modest, the rate of decline was the quickest seen since the initial onset of the pandemic in June 2020.

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