The S&P Global Vietnam Manufacturing PMI slipped to 50.6 in October 2022 from 52.5 in September. The latest result pointed to the 13th straight month of growth in factory activity but the softest in the sequence. New orders rose the least since October 2021, output growth was at a three-month low, and export orders moderated. [Source: Markit Economics]
China’s stock markets are rising again on rumors that the country may loosen its zero-COVID policy. But no official confirmation has come through. COVID-19 cases hit their highest level since May today, and senior Chinese virologists are concerned about a winter wave driven by a combination of COVID-19 and the flu.
Taiwanese shoemaker Footgearmex Footwear Co Ltd is preparing to lay off two-thirds of the workforce at its Ho Chi Minh City plant, @reuters announced, citing a company announcement to employees, blaming a "drying up of orders and financial issues". [Taiwan's Footgearmex Footwear to lay off workers at Vietnam ... - Reuters]
India's textile and leather industries, with a negative growth of 12.2%, are among the hardest hit sectors according to the August Index of Industrial Production (IIP). Industrial production in India fell 0.8% in August. August's IIP numbers were the lowest in 18 months. The previous low in IIP growth was a 3.2% contraction recorded in February 2021. By July 2022, the PII had increased by 2.2%. By August 2021, the IIP had increased by as much as 13%. (Read more at: economictimes.indiatimes)
Arthur Friedman on the @SourcingJournal analyzes the Manufacturing conditions, that improved slightly in September and through the third quarter, as inflationary pressures eased. However, high energy prices and weakened consumer demand painted a cloudy outlook, according to S&P’s Global Purchasing Manufacturing Index (PMI) of key economies. [Global Production Outlook Bleak, But Steadying – SJ]
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