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Singapore PMI August 2023

Singapore: Manufacturing PMI rises in August

The Singapore Institute of Purchasing and Materials Management (SIPMM) Manufacturing PMI rose to 49.9 in August from July’s 49.8. As a result, the index moved marginally closer to the 50.0 no-change threshold, signaling a softer deterioration in manufacturing sector operating conditions compared to the previous month. Similarly, the electronics PMI stood at 49.5 in August, rising from July’s 49.3.

The headline print reflected softer contractions of new orders and exports. In turn, inventories also declined less, while firms reduced staffing levels at a softer pace. In addition, output returned to growth in the past month.

Stephen Poh, executive director at SIPMM, commented on the release:

“The August PMI readings pointed to a silver lining in the overall manufacturing sector, as a trend of slower contraction readings has been developing since May this year. These improved PMI readings in recent months indicate possible recovery of the manufacturing sectors, despite several uncertainties in the macroeconomic environment and geopolitical development.”

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