SL Purchasing Managers’ Index (PMI) – October 2022

Manufacturing PMI declined in October 2022, indicating a contraction in manufacturing activities on a month-on-month basis. Accordingly, Manufacturing PMI recorded an index value of 38.4 in October 2022, with a decline of 4.2 index points from the previous month, driven by decreases recorded in all the sub-indices.

New Orders and Production declined significantly, particularly in the manufacture of food & beverages and textiles & wearing apparel sectors, mainly due to demand-side impediments. Many respondents representing the food & beverages sector mentioned they experienced a notable decline in demand amidst the deteriorating purchasing power of the consumers. Further, export-oriented manufacturers, especially in the apparel sector catering to the North American and European markets, highlighted that the decline in demand observed was mainly attributable to the fear of an economic slowdown in respective destinations. Moreover, manufacturers are still struggling to acquire the required raw materials amidst high input costs. Furthermore, Employment recorded a decrease in October 2022 while Stock of Purchases also decreased in line with the decline in New Orders and Production. Meanwhile, Suppliers' Delivery Time was shortened in October 2022 compared to the previous month.


Published Date: 

Tuesday, November 15, 2022