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Financial News: Taiwan Manufacturing Sector Weakens Further In August -

Taiwan Manufacturing Sector Weakens Further In August - S&P Global

08/31/2022 - 21:11:00 (RTTNews)

(RTTNews) - The manufacturing sector in Taiwan continued to contract in August, and at a faster pace, the latest survey from S&P Global revealed on Thursday with a manufacturing PMI score of 42.7.

That's down from 44.6 in July, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

Weaker customer demand and high prices led to a further drop in overall new business during August. Moreover, the rate of decline was the steepest recorded for more than two years and substantial. Panel members commented that both domestic and international demand had waned, with new export orders also dropping at an accelerated and rapid pace in August.

Manufacturers cut their production levels again midway through the third quarter. In line with the trend for total sales, the rate of contraction was the sharpest seen since May 2020 and among the quickest in the survey history.

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