Falling Market Demand Weakens Indonesia's Manufacturing Index Again

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Adi Ahdiat 02/09/2024 13:27 WIB

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Indonesia's Purchasing Managers' Index (PMI) or manufacturing index weakened again in August 2024, driven by decreased market demand.

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

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

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According to S&P Global's report, Indonesia's manufacturing Purchasing Managers' Index (PMI) in August 2024 stood at 48.9, a decline from the previous month.

This score represents the lowest in the past three years, indicating a weakening condition in the national manufacturing industry.

Note that the PMI is an index reflecting monthly industrial growth. This index is compiled from a survey of managers from hundreds of sample companies.

Survey variables 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 PMI score below 50 reflects a weakening; a score of 50 indicates stability or no change; and a score above 50 indicates strengthening or expansion compared to the previous month.

The decline in Indonesia's manufacturing index in August 2024 was partly influenced by reduced market demand.

"Panelists reported that market demand fell compared to July, with the main factor being a decline in new orders. The decline in foreign demand also accelerated, reaching its sharpest point since January 2023," said the S&P Global team in a press release on Monday (September 2, 2024).

"Weakening production and new orders led to layoffs in Indonesian manufacturing plants. Overall, staffing levels have declined for two consecutive months, although only slightly," 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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