The S&P Global Indonesia Manufacturing PMI edged up to 51.7 in November 2023 from October’s 8-month low. It was the 27th straight month of increase in factory activity, as output rose the most since August and employment returned to growth. Firms were also able to work on existing orders, leading to a fifth monthly reduction in backlogged work. Buying levels rose solidly, contributing to a quicker accumulation of input inventories. Simultaneously, new orders gained the least in six months while foreign sales fell for a second successive month amid destocking efforts at some clients. Lead times lengthened fractionally after improving in the prior four months, linked to transport delays. On prices, input cost inflation hit its highest in a year, due to higher costs of raw material, shipping, and currency conversion. Output prices went up the most in nine months, as firms partly shared their cost burdens with customers. Finally, sentiment improved but remained below the series average.
