Also, the group’s measure of manufacturing production registered 1.1 percentage points above the September reading.
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That marked the fourth straight month of declines in PMI, bringing it nearly to the 50 dividing line between growth and contraction.
There was no reprieve for Singapore manufacturers last month as new orders and production continued to shrink. Sector data indicated that consumer goods was the best performing category in October, while improving operating conditions were seen in the intermediate goods sub-sector.
As the first major indicators of business conditions in China released each month, the PMIs reinforced the view that the economy remains in the midst of a gradual slowdown which will require Beijing to roll out more support in coming months. Economists had expected the index to dip to 50.0. New export orders fell in October, with roughly a quarter of manufacturers registering less business from overseas. However, growth was little changed from the marginal pace seen in September.
The survey further pointed that October saw inflationary pressures return to India’s manufacturing economy, with average purchase costs rising, amid reports of higher metal, paper and food prices. New orders grew for the first time in over a year, but employment sank, with job cuts accelerating to the fastest pace since December.
Barclays said the index had remained stuck below 50 for three consecutive months, suggesting that the manufacturing sector was struggling to gain traction in the face of broad-based weak demand.
Manufacturing sector growth slowed to nearly a two-year low in October despite the month being a festival season, showed the widely-tracked Nikkei Purchasing Managers’ Index (PMI).
On Wednesday, the ISM is scheduled to release a separate report on activity in the service sector in the month of October.
But government intervention meant to halt a stock market rout this summer has increased doubts over policymakers’ competence in managing a transition to a more market-based economy.
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There were also small improvements recorded in China (Caixin-Markit survey), Indonesia, Taiwan and Vietnam.
