TOKYO — The Nikkei ASEAN Manufacturing Purchasing Managers’ Index, or PMI, rose to 51.5 in May from 51.0 in April, reaching the highest level since July 2014.
May data showed six of the seven countries covered by the survey indicating an improvement in manufacturing conditions, up from five in April.
Vietnam overtook Myanmar to lead the ASEAN manufacturing PMI rankings, as growth in its manufacturing sector picked up in May. The Philippines was close behind after registering a faster improvement in operating conditions.
Bernard Aw, principal economist at IHS Markit, which compiles the survey, said “It’s becoming increasingly apparent that underlying growth momentum has picked up in recent months, especially in terms of new business. However, the upturn remained marred by rising costs. Increased prices for raw materials, especially oil and metal, as well as global shortages, continued to push firms’ costs higher.”
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