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It's a poor report all around with the order book balance above is seen falling to the lowest since December last year. Adding to that, manufacturing output expectations also declined further to its lowest since January. Meanwhile, quarterly orders data also revealed the biggest decline in domestic and export orders since July 2020 with expectations for export orders over the coming year seen at the weakest sine April 2020. This is not a good look whatsoever for the manufacturing sector. Ouch.
