Indonesia's Manufacturing Index Falls in May 2024, Showing Signs of Deterioration

Economics & Macro

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Adi Ahdiat 04/06/2024 17:24 WIB

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Indonesia's manufacturing PMI declined from April to May 2024. According to S&P Global, there are indications that conditions in the national manufacturing industry are deteriorating.

Indonesia Manufacturing Purchasing Managers' Index (PMI) (January 2020-May 2024)

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Indonesia's Manufacturing Index Falls in May 2024, Showing Signs of Deterioration

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Indonesia Manufacturing Purchasing Managers' Index (PMI) (January 2020-May 2024)

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Indonesia's manufacturing sector growth slowed from April to May 2024.

This is evident from the Purchasing Manager's Index (PMI) released by the financial intelligence company S&P Global.

Each month, S&P Global surveys managers from hundreds of sample manufacturing companies in various countries, including Indonesia.

Variables surveyed include production volume growth, export and domestic orders, workforce numbers, supply delivery times, and the stock of materials purchased by each company.

The survey results are then processed into a score on a scale of 0-100. A score below 50 reflects a decline; a score of 50 means stable or no change; and a score above 50 indicates strengthening or expansion compared to the previous month.

In May 2024, Indonesia's manufacturing PMI score was at 52.1. Although still in the expansion zone, its growth weakened, as shown in the graph.

According to Paul Smith, Economics Director of S&P Global Market Intelligence, this is not a good sign.

"While growth remains positive, there are signs of deterioration," said Paul in a press release on Monday (June 3, 2024).

"The overall growth rate is low, while confidence has fallen to its lowest level in over four years. Cost pressures are also rising," he continued.

S&P Global revealed that new export orders in Indonesia's manufacturing industry have fallen for three consecutive months, in line with slowing global demand.

Amid this situation, they predict that manufacturing employment will be tighter.

"Companies may be cautious about workforce numbers; some companies have decided not to replace departing staff," said the S&P Global team.

"Overall, staffing levels have declined for two consecutive months, although only slightly. Uncertainty about future prospects is also weighing on recruitment," it continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Indonesia's Manufacturing Index Falls in May 2024, Showing Signs of Deterioration

Indonesia's Manufacturing Index Falls in May 2024, Showing Signs of Deterioration

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Indonesia's Manufacturing Index Falls in May 2024, Showing Signs of Deterioration

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