August PMI at 47.2
By ECCT staff writers
Taiwan’s official manufacturing purchasing managers’ index (PMI) for August fell 0.6 points from the previous month to 47.2, remaining in contraction mode for the second consecutive month. According to a report by the Chung-Hua Institution for Economic Research (CIER), major economies have released disappointing data, which is bound to affect Taiwan’s exports in the fourth quarter of 2022. The fourth quarter is traditionally the high season for electronic goods and components, which have been chiefly responsible for keeping Taiwan’s economy robust over the course of the coronavirus pandemic.
Among the major factors in the August PMI, the sub-index for the business outlook over the next six months fell 1.8 points to 28.3, the lowest level since May 2020. In addition, the six major industries in the PMI were all in contraction mode in August, according to CIER.
Meanwhile, the non-manufacturing index (NMI), which covers service sector activity, also fell in August, dropping 2.9 points from a month earlier, to 53.8, remaining in expansion mode for the second consecutive month, according to CIER.