Manufacturing PMI in Indonesia Remains Weak at 49.6 in November 2024 Due to Low Consumer Demand

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Erlina Fury Santika 03/12/2024 19:50 WIB

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S&P Global data shows Indonesia's manufacturing PMI index reached 49.6 points in November 2024. Although slightly up from October 2024, this figure indicates that Indonesia's manufacturing sector rem

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

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Manufacturing PMI in Indonesia Remains Weak at 49.6 in November 2024 Due to Low Consumer Demand

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

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S&P Global data shows Indonesia's manufacturing Purchasing Manager's Index (PMI) reached 49.6 points in November 2024.

Although up from 49.2 points in October 2024, the November index score indicates that manufacturing conditions remain contracted as it is still below 50 points. S&P Global even stated that the score signifies the slowest decline in operational conditions during this period.

S&P Global assesses that the core of the increase in the manufacturing PMI during November is due to a rise in production for the first time in five months. However, this condition is not balanced by still-lacking goods demand.

Panelists continued to report sluggish market activity to S&P Global, marked by weak purchasing power. New export orders also declined, falling for nine consecutive months and at a more severe rate.

The situation is exacerbated by a decrease in employment. Although not significant, this contraction is the sharpest recorded in the S&P Global survey for over three years.

S&P Global's Economics Director, Paul Smith, stated that companies reported a lack of replacement for departing employees. In some cases, there were even layoffs.

However, there is a glimmer of hope despite this sluggish trading activity.

"Confidence in business prospects has indeed strengthened, rising to its highest level since February 2024," said Paul in his release on Monday local time (December 2, 2024).

Companies, Paul continued, expect an increase in demand and new orders during the coming year, which will boost production.

On the other hand, purchasing activity also improved during November, increasing for the first time in five months.

Editor : Erlina Fury Santika

"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."