Singapore: Manufacturing and electronics PMIs pick-up from over one-decade lows in May
June 2, 2020
Both the manufacturing and electronics Purchasing Managers’ Indexes (PMIs) regained some lost ground in May, after falling to the worst readings in over 10 years in April amid a shock from the Covid-19 pandemic. The manufacturing PMI rose to 46.8 in May from April’s 44.7 and the electronics PMI recovered to 46.2 from April’s 42.8. Despite the upticks, both index’s lie far below the 50-point threshold and point to contractions in the manufacturing and electronics sectors.
Looking at the details, new orders and output continued to drop in May, albeit at a softer pace compared to June. In addition, firms continued to shed jobs although also at a more moderate rate.