S&P Global: 15 Asian sectors drive economic expansion in Nov. ’24

The latest S&P Global Asia Sector PMI data revealed on Wednesday a broad-based expansion across 15 of the 18 monitored sectors in November 2024, the highest number since August.

Chemicals led the way for the first time in 32 months, with a strong expansion rate. Insurance, which was the top performer last month, dropped to second place. Despite a slight slowdown, Insurance activity remained close to October’s ten-month high.

Only three sectors did not expand: Construction Materials saw a significant downturn, Technology Equipment contracted slightly, and Consumer Services remained unchanged.

In November, all categories except Consumer Services saw increased activity. Basic Materials was the strongest category, with Chemicals expanding rapidly and modest growth in Forestry & Paper Products and Metals & Mining.

“Despite a rise in the number of sectors reporting activity growth, the employment landscape deteriorated, with only half of the sectors showing growth — the lowest level since April,” according to S&P Global report.

Manufacturing sectors, except for Automobiles & Auto Parts, saw a decline in staffing levels, while most service sectors experienced job creation, with Banks being the only exception.

Attribution: S&P Global report

Subediting: M. S. Salama