Our headline SMEI inched up 0.1pt to 49.7 in September as services remained a key drag.
Performance sub-index stayed below 50 for a fourth straight month; expectations turned contractionary. Manufacturing activity picked up; most services sectors reported a m/m decline in sales, Standard Chartered’s economists Hunter Chan and Shuang Ding note. Subdued domestic demand dragged down Q3 performance “Our proprietarySmall and Medium Enterprise Confidence Index picked up 0.1pts to 49.7 in early September after falling to a 20-month low in August.
All expectations sub-indices, including sales, new orders and profitability, fell below 50. The average expectations index fell 0.8pts from Q2 to 50.1 in Q3, indicating softer SME sentiment. While the credit sub-index recovered on lower funding costs for SMEs in September, the average reading fell 1pt to 50.5 in Q3 on a deterioration in liquidity conditions.” “The manufacturing performance sub-index recovered to 51.2 after falling below 50 in August as production activity reaccelerated.
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