KUALA LUMPUR, Dec. 1 (Xinhua) -- The Malaysian manufacturing sector moderated further midway through the final quarter of 2022 with waning demand, a central feature within the latest survey data revealed by S&P Global Market Intelligence on Thursday.
In a statement, S&P Global said the seasonally adjusted S&P Global Malaysia Manufacturing Purchasing Managers' Index (PMI) posted at 47.9 in November, down from 48.7 in October.
The latest reading pointed to a more marked slowdown in business conditions which was the strongest since August 2021, it said.
It also said the latest PMI reading is representative of approximately 5 percent year-on-year growth in Malaysian gross domestic product (GDP), thereby signaling a slowdown in growth from the situation in the third quarter of 2022.
S&P Global Market Intelligence economist Laura Denman said the Malaysian manufacturing sector displayed further signs of waning in November.
According to her, there was a solid slowdown in production levels and the fastest scaling back in order book volumes since August 2021.
"The aforementioned fragility in demand became a running theme throughout the survey data and was reportedly the primary factor driving moderations in input buying, stocks and business confidence which, though still positive, slipped to a five-month low," she said.
However, she noted further signs of easing supply pressures were displayed in November, as indicated by the latest lengthening of suppliers' delivery times being the softest in three years and only marginal overall.
Meanwhile, both input cost and selling price inflation ticked up very slightly from October but remained well below the rates seen earlier in the year, she added.