Thailand’s manufacturing sector shrank at a faster rate in September due to a sharp decline in new orders, while soft demand continued to weigh on employment, a survey showed on Monday.
The country’s manufacturing purchasing managers’ index (PMI) was recorded at 47.8 last month, down from 48.9 in August, signaling a further slip in operating conditions and at the fastest pace since May 2021, according to S&P Global.A PMI reading above 50 indicates expansion in the manufacturing sector, while a reading below 50 reflects contraction.
According to the survey, the contraction was mainly attributed to a third-straight-month decline in new orders. Meanwhile, incoming new business decreased at the fastest pace on record, with the exception of the severe pandemic-related reductions in the second quarter of 2020.—Xinhua
