Singapore: Manufacturing and electronics PMIs inch up in December
January 5, 2021
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing and electronics sectors both rose marginally in December, as the two sectors continued to gradually recover after falling to the lowest levels in over a decade in April due to the coronavirus pandemic.
The manufacturing PMI inched up to 50.5 in December from 50.4 in November, thus moving slightly further from the 50-point threshold that separates expansion from contraction in the sector and marking the sixth consecutive month of expansion in the manufacturing sector. December’s slight rise reflected the faster output growth and a slower contraction in employment.
Similarly, the electronics PMI increased marginally to 51.2 points in December from 51.1 in November, the highest level recorded since September 2018. The uptick was likely driven by growth in new orders and factory output, while the employment picture improved for the second month running.
Author: Stephen Vogado, Economist