Manufacturing PMI expanded at a slower pace in January 2020 recording an index value of 54.0 mainly due to the slower expansion in New Orders and Stock of Purchases.
New Orders, Production and Stock of Purchases sub-indices expanded at a slower pace particularly in the manufacturing of food and beverages sector with the decreasing demand after the festival season. Further, a slowdown in Stock of Purchases in textile & wearing apparel sector could be observed due to Chinese New Year holidays. The Employment contracted during the month due to the leaving of employees from their jobs for better paid employments.