Manufacturing PMI Plunges, Sign of Slowing Indonesian Economy?

JAKARTA — Shortly after Indonesia's economic growth slowed in the second quarter to 5.05 percent, the Manufacturing PMI fell below the 50 level – to be precise at 49.3 – or in the contraction zone. President Joko Widodo said that after 34 consecutive months of the Manufacturing PMI being in the expansion zone, in July it finally touched below the 50 level. “This needs to be looked at carefully, watched carefully, because several countries in Asia also have PMIs below 50, namely Japan 49.2; Indonesia 49.3; PRC 49.8; Malaysia 49.7,” said Jokowi in a Plenary Cabinet Session, at the IKN, North Penajam Paser, East Kalimantan, Monday (12/8). Based on the reports he received, there were several sectors in the domestic manufacturing sector that contracted, such as the production sector which was minus 2.6 percent, new orders minus 1.7 percent, and employment minus 1.7 percent. He also instructed his staff to find out the main cause of the decline in Indonesia's Manufacturing PMI so that it can return to the expansion zone. “I want to find out the root cause, and anticipate it immediately because the PMI decline has been happening for the past four months. Really see why domestic demand …

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Manufacturing PMI Plunges, Sign of Slowing Indonesian Economy?

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