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Singapore's manufacturing contracts for 6th month in December

Xinhua, January 4, 2016 Adjust font size:

Singapore's manufacturing contracted again in December, with the Purchasing Managers' Index (PMI) standing at 49.5, a slight improvement from 49.2 in the previous month, said the Singapore Institute of Purchasing and Materials Management on Monday.

This is the sixth consecutive month of contraction, and the drop is mainly due to a further decline in new orders and new export orders as well as production output.

A reading above 50 in the PMI indicates an expansion in the manufacturing sector, whereas a reading below 50 suggests contraction.

The PMI in the electronics sector also dipped to 48.9 in December, further down from the previous month's 49.0, which is also the sixth straight month of contraction, due to a further decline in new orders from domestic and overseas markets. Enditem