The S&P Global Malaysia Manufacturing PMI stood at 49.8 in September, little changed from August’s 14-month high of 49.9, signaling a mild downturn in factory activity. Output eased fractionally while new orders rose for the second month, though at a slower pace than in August. Export demand eased for the first time in three months, with firms citing muted demand from the US, Europe, and Asia-Pacific. Employment fell for the third month as backlogs held steady, ending a 13-month run of depletion. Buying activity rose the most since April 2022, though stock accumulation remained modest. Meantime, delivery time weakened again, with marginally longer lead times linked to port congestion and shipping delays. On inflation, input costs rose slightly, the softest in five months, as higher taxes were partly offset by lower raw material prices, while output charges were unchanged. Lastly, confidence climbed to its highest since February on hopes of stronger demand and new product launches.
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