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Singapore's PMI contracts for the 14th straight month in August

Xinhua, September 3, 2016 Adjust font size:

Singapore's manufacturing activity contracted for the 14th straight month in August, according to the latest data released by Singapore Institute of Purchasing and Materials Management (SIPMM) on Friday.

The reading of Purchasing Managers' Index (PMI) in August came in at 49.8, a 0.5 point increase from the reading of 49.3 in July, said SIPMM. A reading above 50 means that the manufacturing economy is expanding while a reading below 50 indicates contraction.

SIPMM noted that higher new orders and new exports, as well as higher factory output and employment, helped the performance in August. However, manufacturing inventory and finished goods recorded a slower rate of expansion.

Manufacturing makes up about one fifth of Singapore's economy. Manufacturing employment remained lackluster. Endit