The manufacturing sector in Thailand continued to contract in September, and at a faster rate, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 47.8.
That's down from 48.9 in August, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
Central to the latest manufacturing sector contraction was the third monthly decline in new orders. Incoming new business contracted at the fastest pace on record, barring the severe pandemic-related declines of Q2 2020.
Survey respondents often linked the slowdown to softening economic conditions and reduced client budgets. Almost four in ten respondents indicated lower new orders at the end of the third quarter. Foreign demand was likewise subdued, falling fractionally in the latest survey period.
