Singapore PMI June 2019

Singapore

Singapore: Manufacturing and electronics PMIs worsen marginally in June

July 4, 2019

The manufacturing PMI produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) ticked down to 49.6 points in June from 49.9 in May, posting the worst reading since July 2016. As a result, the index remained below the crucial 50-point mark that separates expansion from contraction in Singapore’s manufacturing sector.



The deterioration in manufacturing activity was driven by declines in new orders, factory output and employment. Moreover, the expansion in new export orders were softer in June compared to the month prior. On the price front, input price inflation picked up slightly.



The electronics PMI also decreased (June: 49.2; May 49.4), marking the eighth consecutive month below the 50.0 mark. Manufacturing activity was subdued across Asia in June, as China’s manufacturing PMI fell into contractionary territory and the ASEAN PMI also declined in the same month. Singapore’s manufacturing and export-driven economy depends heavily on the external sector, which is showing signs of weakness. The U.S.-China trade war and a global slowdown in demand for tech are likely chiefly behind Singapore’s reduction in factory activity.

FocusEconomics Consensus Forecast panelists expect manufacturing output to grow 0.8% in 2019, which is down 0.4 percentage points from last month’s forecast, and 3.0% in 2020.


Author:, Economist

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Singapore PMI June 2019

Note: Purchasing Managers’ Index. Readings above 50 points indicate an expansion in the manufacturing sector while readings below 50 points indicate a contraction.
Source: Singapore Institute of Purchasing and Materials Management (SIPMM).


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