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Singapore's PMI falls for seventh month in January

Xinhua, February 2, 2016 Adjust font size:

Singapore's manufacturing contracted further in January, with the Purchasing Managers' Index (PMI) dropping to 49, down from 49.5 in the previous month, said the Singapore Institute of Purchasing & Materials Management (SIPMM) on Tuesday.

This is the seventh consecutive month of contraction, and the drop is mainly due to decline in new orders, drop in factory output and lower employment. 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 for the seventh consecutive month to 48.5 in January, due to a continued decline in new orders, factory output as well as employment in the sector, said SIPMM.

While inventory for the electronics and manufacture sector expanded, new export orders continued to contract for the 12th consecutive month, which have also affected the supporting industry and dragged down the overall manufacturing economy, said SIPMM. Enditem