Singapore: Manufacturing PMI drops for second month in a row
September 1, 2012
In August, the manufacturing PMI elaborated by the Singapore Institute of Purchasing & Materials Management (SIPMM) fell to 49.1 points from 49.8 points in July. The figure marked the second consecutive monthly decline and drove the index to its lowest level since January. In addition, the index fell further below the 50-point threshold, which indicates a contraction in the manufacturing sector. According to the SIPMM, the deterioration "was attributed to further decline in new orders as well as first-time contraction in stockholdings of finished goods and imports". Meanwhile, a separate PMI elaborated for the all-important electronics sector improved over the previous month. In August, the index rose to 50.7 points from 49.2 points in July, on the back of "a first-time expansion in new export orders and production output but a decline in new orders".