BANGKOK, Nov. 1 (Xinhua) -- Thailand's manufacturing sector shrank for the third straight month in October as weak demand conditions weighted on new orders despite rising output, a survey showed on Wednesday.
The Southeast Asian country's manufacturing purchasing managers' index (PMI) was recorded at 47.5 last month, edging down from 47.8 in September, a signal of further deterioration in operating conditions and at the fastest pace since February 2021, according to S&P Global.
A PMI reading above 50 indicates expansion in the manufacturing sector, while a reading below 50 reflects contraction.
According to the survey, the decline was attributed to worsening domestic and external economic environments, while firms saw a shrinking customer base contributing to lower new work. Meanwhile, softening demand and lower optimism among Thai manufacturers led to reduced staffing levels and purchasing activity last month.
Manufacturing output continued to increase in October, but at the slowest pace in over two years as firms worked through existing orders on the back of lower new work intakes, the survey showed. ■