Singapore: Manufacturing PMI in expansionary territory in July, electronics PMI remains contractionary
August 3, 2020
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for both the manufacturing and electronics sectors rose in July, as they continued to recover after falling to the lowest levels in over a decade in April in the face of the coronavirus pandemic.
The manufacturing PMI increased to 50.2 in July points from 48.0 in June, thus inching above the 50-point threshold that separates expansion from contraction in the sector. July’s improvement was driven by higher new orders, exports and factory output, while order backlogs expanded for the first time in five months.
The electronics PMI increased to 49.2 points in July from 47.6 in June, remaining marginally in contractionary territory. Slower contractions in new orders, export and factory output drove the reading higher, while steeper declines in employment and delivery times tempered the overall rise.
Author: Stephen Vogado, Economist