Bangkok, Oct 1 Thailand's manufacturing sector maintained its upturn in September but expanded at a slower rate due to lower increases in output and new orders, a survey showed on Tuesday.
The Southeast Asian country's manufacturing purchasing managers' index (PMI) was recorded at 50.4 last month, easing from 52.0 in August, signalling an overall improvement in manufacturing sector performance and marking the slowest growth in four months, according to S&P Global.
A PMI reading above 50 indicates expansion in the manufacturing sector, while a reading below 50 reflects contraction, Xinhua news agency reported.
Despite both experiencing weakened expansion rates, new orders rose for the third-consecutive month and output grew for the fifth straight survey. This resulted in manufacturers being cautious about purchasing volumes, while backlogs of work rose for the fifth month running, S&P Global said in a statement.
Manufacturers continued to expand their workforces at a rapid pace, with employment growth remaining close to the survey-record high set in June, said Trevor Balchin, economics director at S&P Global Market Intelligence.
Meanwhile, price pressures eased as average input prices fell at the fastest rate on record and output charges remained broadly stable, marking the end of a 41-month inflationary period, Balchin said.
Looking ahead, Thai manufacturers remained optimistic about output growth over the next 12 months, citing increased customer enquiries, new sales strategies, market expansion, a stronger economy and promotions, the survey showed.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor