A closely watched indicator of China's economy falls short of expectations
Results of the survey released on Monday showed a seasonally adjusted Purchasing Managers' Index (PMI) of 51.5 for the month, just slightly higher than the February reading of 50.8 and much slower than the 54.4 reading recorded in March past year.
IHS Markit economist Aashna Dodhia commented that Malaysia's manufacturing sector ended Q1 2018 on a slightly weaker footing, with business sentiment easing to the weakest since last December, reflecting some concerns towards the 12-month outlook for output.
However, any reading above 50 indicates expansion in the sector.
The PMI, based on surveys, is a leading indicator of economic activity.
The PMI is a composite indicator derived from survey questions on new orders, output, employment, inventories and suppliers' delivery times, providing a quick snapshot of the current state of the manufacturing economy.
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"Price pressures continued to escalate, with both input and output prices rising at faster rates".
Meanwhile, the electronics sector recorded its 20 month of consecutive expansion at 52.4 with a 0.3 point increase from the previous month.
It marks the 19th month of consecutive expansion of Singapore's manufacturing sector.
Moreover, the average PMI reading for the first quarter was the highest for a year.
However, Selena Ling, Head of Treasury Research & Strategy of OCBC Bank, said Singapore's PMI improvement bucked the trend within Asia whose manufacturing PMIs had largely softened. China's Caixin PMI fell to 51.0 in March, down from 51.6 in February - its weakest reading since November 2017.
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