Malaysia July manufacturing PMI remains weak, production and orders fall

• July PMI signalled a further deterioration in operatingconditions at Malaysian manufacturers, although the PMI waslittle changed from June.

• The contraction resulted from a further sharp fall inproduction in July, and a decline in new orders due to weakerdemand and challenging economic conditions. The drop was due tosoft domestic demand, as new export orders expanded for thesixth straight month.

• Although the employment rate remains modest, companies cutback on staffing levels at the fastest pace since July 2014. 

• Buying activity contracted at the third-fastest rate in theseries history while inventories of pre-production items weredepleted at the quickest rate.

• Purchasing costs rose, as unfavourable exchange ratespushed up raw material costs and because of the imposition of aconsumption tax. 

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