Factory output growth ‘muted’

The manufacturing sector started 2024 with a “muted improvement” in operating conditions due to a cooling demand in the overseas market, according to the latest Purchasing Managers’ Index, or PMI, data released by S&P Global Market Intelligence.

While the country’s headline PMI remained above the 50-mark, S&P Global Market Intelligence said on Thursday that the level slipped from 51.5 in December to 50.9 in January, the weakest expansion in five months.

The latest number suggests a weaker-than-average and only marginal overall growth.

“The turn of the year revealed a slight weakness in demand conditions,” S&P Global Market Intelligence Economist Maryam Baluch said in an accompanying commentary.

“New orders and output growth eased, suggesting potential headwinds from global factors and sluggish external markets, particularly China,” Baluch added.