SINGAPORE, Oct 1 (Bernama-Xinhua) -- ASEAN's manufacturing sector maintained strong growth in the third quarter, despite activity easing slightly in September amid heightened geopolitical uncertainty, reported Xinhua.
The S&P Global ASEAN Manufacturing Purchasing Managers' Index (PMI) fell to 52.1 in September from 52.3 in August, signalling a further improvement in operating conditions, although at a softer pace, S&P Global Market Intelligence said in a statement on Thursday.
The latest reading extended the sector's improvement to 15 consecutive months, with the performance remaining historically strong.
"ASEAN manufacturing had a strong third quarter, regaining momentum after a relatively soft second quarter," said Maryam Baluch, an economist at S&P Global Market Intelligence.
She said growth slowed in September as renewed tensions in West Asia and a rebound in oil prices prompted manufacturers to temper their expectations for the year ahead.
Nevertheless, continued sector strength supported a recovery in hiring, while purchasing activity increased further. Some of the rise reflected efforts by manufacturers to build inventories ahead of potential raw-material shortages and price increases, Baluch said.
“Although the road ahead remains difficult to assess, given heightened geopolitical uncertainty, ASEAN manufacturers are more than holding their ground for now,” she added.
-- BERNAMA-XINHUA