Singapore: Manufacturing PMI dips again in July
August 6, 2018
The manufacturing PMI produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) inched down from 52.5 in June to 52.3 in July, marking the fourth consecutive monthly deceleration. The reading points to ebbing momentum in the second half of the year and can be attributed in part to rising trade tensions between the U.S. and China. However, the index remained above the crucial 50-point mark that separates expansion from contraction in Singapore’s manufacturing sector and logged a 23rd consecutive month of expansion. July’s result reflected slower growth in new orders, new exports, and factory output.
The electronics PMI also declined from 51.9 in June to 51.6 in July, and has now tracked below the manufacturing PMI for seven consecutive months. The decrease was driven by slower growth in factory output, new orders, new exports, and inventory.
Author: Oliver Reynolds, Economist