Second wave dips the recovery

Kota Kinabalu: Ambank Group Chief Economist Dr Anthony Dass’ (pic) warnings in the first half of 2020 about the possibility of a second wave of Covid-19 depressing business and the economy were dismissed by some as speculations is now a hard reality.

September’s manufacturing PMI remained in the contraction region for the third consecutive month with a reading at 49, driven by weak domestic and export orders. Hence, companies are scaling back on employment and capacity. A reading below 50 suggests a contraction. The employment index dived for the sixth month while purchasing activity fell further, thus resulting in inventories’ depletion.

 

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