Output softens in March; Trump’s reciprocal tariff adds to uncertainty
The Manufacturing Purchasing Managers' Index (PMI) fell to 48.8 (Feb: 49.7), and remained below the neutral level for the tenth straight month
- The latest reading, below 50.0 since June 2024, indicates a slight moderation in the health of the manufacturing sector due to weak demand.
Demand weakness dragged orders and output
- Firms scaled back new orders, reversing the improvement seen in February. The decline was modest but marked the sharpest drop in a year.
- Export orders moderated, weighed mainly by global trade uncertainty.
- Production eased, with the pace of slowdown slightly higher than the previous month.
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