Bangkok, Nov 1 (SocialNews.XYZ) Thailand's manufacturing sector slowed to stagnation in October as new orders fell slightly despite a continued rise in output and employment, a survey showed on Friday.
The Southeast Asian country's manufacturing purchasing managers' index (PMI) came in at 50 last month, edging down from 50.4 in September, marking the end of a five-month upturn and signalling a stagnation in manufacturing sector performance, according to S&P Global.
A PMI reading above 50 indicates expansion in the manufacturing sector, while a reading below 50 reflects contraction, reports Xinhua news agency.
The first contraction of incoming new orders in four months led to a stalling of purchasing activity and a softer increase in employment, although the current job creation was extended to a survey-record six straight months, while backlogs of work also rose for a record sixth consecutive month, S&P Global said in a statement.
As employment and output both continued to expand, the growth rates were modest and counterbalanced by ongoing destocking and a slight fall in new orders, said Trevor Balchin, economics director at S&P Global Market Intelligence.
Purchasing volumes were broadly unchanged since September as a result of the drop in demand, Balchin said, adding that input prices continued to decline and output prices were flat in October as inflationary pressures remained weak.
Looking ahead, Thai manufacturers stayed upbeat on output for the next 12 months, which was stronger than the long-run survey average, with positive expectations linked to potential new customers and marketing strategies to boost new orders, the survey showed.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz