Singapore’s PMI hits 8-year high
SINGAPORE - Singapore manufacturers reported yet another month of robust growth in October to record its highest reading in nearly eight years, despite a slight pullback from the electronics sector, an industry survey showed.
The Purchasing Managers’ Index (PMI) came in at 52.6, a 0.6 point increase from September. This is the highest level since December 2009 and its 14th month of consecutive expansion, according to data released by the Singapore Institute of Purchasing & Materials Management (SIPMM) on Thursday (Nov 2).
The PMI is a key barometer of the Singapore manufacturing economy. A reading above 50 indicates expansion, while a reading below 50 denotes a contraction.
The latest PMI reading was boosted by the non-electronics manufacturing sectors and the higher reading was attributed to a faster rate of expansion in most key indicators, the data showed. Manufacturing employment also recorded expansion for the second consecutive month. However, the electronics sector PMI recorded a drop of 0.3 point from the previous month to post a slower expansion reading at 53.3. This was on the back of a slower rate of expansion in most key indicators of the sector. SIPMM noted. “Anecdotal evidences of the survey suggest that most electronics manufacturers were concerned about the impact of digital innovations on their businesses,” SIPMM said.
(cna)