Singapore: Manufacturing and electronics PMIs inch higher in September
October 3, 2020
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing and electronics sectors both rose in September, pushing further into expansionary territory as they continued to recover after falling to the lowest levels in over a decade in April due to the coronavirus pandemic.
The manufacturing PMI inched up to 50.3 in September from 50.1 in August, thus moving slightly further above the 50-point threshold that separates expansion from contraction in the sector. September’s rise was attributed to faster rates of expansion in both new orders and new exports.
The electronics PMI increased to 50.9 points in September from 50.6 in August, the highest level recorded since September 2018. The uptick was likely driven by growth in new orders, although the employment picture remains muted.
Author: Stephen Vogado, Economist