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Economy

ASEAN PMI falls to 50.0 in June

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Workers of Ayala Corp's Integrated Micro-Electronics Inc. at an electronics assembly line in Binan, Laguna, south of Manila   © Reuters

TOKYO -- The Nikkei ASEAN Manufacturing Purchasing Managers' Index, or PMI, fell to 50.0 in June from 50.5 in May.

A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction. The latest reading is the first time that the PMI has not posted above the no-change 50.0 level since January.

Latest data indicated that four of the seven countries covered by the survey saw growth across their manufacturing sectors, unchanged from May. Philippines remained the strongest performer for the second successive month. Vietnam moved up to second place.

"After five months of expansion, output across the region was broadly unchanged while growth in total new orders eased further," said Bernard Aw, economist at IHS Markit, which compiles the survey.

"If domestic demand continues to soften, employment prospects will be affected, especially when there is evidence of spare capacity in the sector," the economist added.

For more information, visit:

http://www.markiteconomics.com/Survey/Page.mvc/PressReleases

(Nikkei)

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