The country’s manufacturing sector saw another reduction in production volumes. Manufacturers also noted that customer destocking continued to act as a headwind to demand. Moreover, there was little support from overseas demand in November, with overall export sales decreasing in both the manufacturing and service sectors, S&P Global said in a press release.
Manufacturers meanwhile indicated that growth projections eased to the weakest since December 2022, which they mostly linked to low confidence among customers.
the latest survey pointed to resilient business activity expectations for the year ahead. The degree of optimism picked up from October’s ten-month low, driven by rising confidence in the service sector. Survey respondents noted hopes of a turnaround in broader economic conditions over the course of 2024, despite many citing worries about the impact of elevated interest rates and heightened global geopolitical uncertainty.
Manufacturers meanwhile indicated that growth projections eased to the weakest since December 2022, which they mostly linked to low confidence among customers.
ALCHEMPro News Desk (NB)
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