Taiwan manufacturing activity contracts for 3rd month
Taiwan's manufacturing activity contracted for the third consecutive month in July, according to the latest purchasing managers' index (PMI) reading released by the Chung-Hua Institution for Economic Research (CIER).
The manufacturing PMI for July stood at 48, down 0.1 points from the previous month. A PMI reading above 50 suggests expansion while below 50 indicates contraction.
Among the five sub-indexes, those for new orders and inventory levels continued to show contraction, while those for production and employment pointed to expansion, according to CIER.
The non-manufacturing index rose by 2.9 points from June to 54.9 in July. Business activity, new orders and employment continued to expand, while the sub-reading for suppliers' delivery time increased, the CIER said.