Singapore: Manufacturing and electronics PMIs remain in expansionary territory in November
November 4, 2020
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing and electronics sectors both indicated improving conditions in November, as both sectors continued to recover after falling to the lowest levels in over a decade in April due to the coronavirus pandemic.
The manufacturing PMI inched down to 50.4 in November from 50.5 in October, thus moving slightly closer to the 50-point threshold that separates expansion from contraction in the sector and marking the fifth consecutive month of expansion in the manufacturing sector. November’s drop reflected the slower output growth and a steeper contraction in employment.
Contrastingly, the electronics PMI increased marginally to 51.1 points in November from 51.0 in October, the highest level recorded since September 2018. The uptick was likely driven by growth in new orders, export demand and factory output, while the employment picture improved for the first time in 10 months.
Author: Stephen Vogado, Economist