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Malaysia PMI July 2024

Malaysia: Manufacturing PMI falls further below threshold in July

The S&P Global Malaysia Manufacturing Purchasing Managers’ Index (PMI) fell to 49.7 in July from 49.9 in June. As a result, the index moved further below the 50.0 no-change threshold, signaling a faster deterioration in manufacturing-sector operating conditions compared to the previous month.

In July, the domestic market showed weakness, with new orders easing for the first time in three months. Moreover, production softened at the fastest rate in three months, and employment was scaled back for the first time in four months due to the non-replacement of voluntary leavers.

On the price front, input cost inflation reached an eight-month high, which led to the steepest rise in output prices since September 2022. This inflationary pressure was attributed to higher raw material and transportation costs. Although business confidence strengthened to the highest level since March, it remained below the long-run average. Optimism was tempered by concerns over the timing of a domestic demand recovery.

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