Singapore: Manufacturing PMI falls into contracting territory
August 13, 2012
In July, the manufacturing PMI elaborated by the Singapore Institute of Purchasing & Materials Management (SIPMM) dropped to 49.8 points from 50.4 points in June. The subdued reading represents the lowest level recorded since April and indicates that the manufacturing sector is contracting. According to the SIPMM, the drop was "attributed to a decline in new orders and slower growth in new export orders". A separate PMI computed for the all-important electronics sector followed suit and fell from 50.4 points in June to 49.2 points in July. According to the SIPMM, the fall was attributed to a decline in new orders from the domestic and overseas markets.