The manufacturing sector in Malaysia continued to contract in October, and at a faster pace, the latest survey from S&P Global revealed on Tuesday with a manufacturing PMI score of 48.7.
That's down from 49.1 in September, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
The latest PMI reading is representative of approximately 5% year-on-year growth of GDP in Malaysia, which would signal some loss in growth momentum from the situation earlier in the year. Similarly, the data are also consistent with a continued, albeit softer expansion in official manufacturing production.
Subdued demand conditions were reportedly pivotal to October's loss of momentum. For a second month running, new orders softened with anecdotal evidence suggesting that weak underlying demand conditions were a key driver of this.
