The institute said the seasonally adjusted purchasing managers’ index (PMI) rose to 51.4%, up 1.1 percentage points from October, per CNA. It attributed the improvement to persistent shortages and rising prices in electronic components and electrical equipment, per MoneyDJ.
CIER President Lian Hsien-ming (連賢明) said the November reading suggests the downturn is leveling off. He noted that manufacturers’ six-month expectations remain cautious but are “less pessimistic” than earlier in the year.
The institute said short-cycle restocking, easing tariff pressures for some industries, and early procurement for next year contributed to the uptrend. However, it warned that mid- to long-term visibility remains weak across many end markets.
Downstream inventory levels are still insufficient and order backlogs continue to shrink, signs that underlying demand has not fully recovered. CIER said the endurance of the rebound will depend on how quickly global consumption stabilizes.
Among the PMI’s five key components, new orders and production continued expanding, while hiring returned to growth for the first time in seven months. The employment index jumped 4.7 percentage points to 52.2%, its fastest expansion since September last year.
The six-month outlook index remained in contraction territory at 45.4% but improved by 3.9 percentage points, marking its mildest contraction since reciprocal tariffs took effect in April. Lian said the impact of those tariffs has gradually waned in the second half.
CIER also reported that the unadjusted non-manufacturing index rose to 55.8%, expanding for a ninth straight month. Researchers said Singles’ Day spending, travel promotions, and year-end exhibition demand have lifted major service sectors.
Michael Nakhiengchanh
Taiwan News, Staff Writer
Dec. 2, 2025