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Singapore's PMI contracts for 13th straight month in July

Xinhua, August 2, 2016 Adjust font size:

Singapore's manufacturing activity contracted for the 13th straight month in July, according to the latest data released by the Singapore Institute of Purchasing and Materials Management (SIPMM) on Tuesday.

The reading of Purchasing Managers' Index (PMI) in July came in at 49.3, a drop of 0.3 point from June's reading, said SIPMM. A reading below 50 indicates contraction in manufacturing, while a reading above 50 indicates general expansion.

According to the index, new orders and new export orders, two sub-indicators of how producers might cope in the coming months, continued their slide in July. Although the reading is still below 50, the electronic cluster in July fared better at 49.7, an increase of 0.7 point compared with that of June.

Manufacturing makes up about one fifth of Singapore's economy. As the sector registered continuous contraction, employment remained bleak, added SIPMM. Enditem