Singapore: Manufacturing sector shrinks for fifth straight month
December 4, 2012
In November, the manufacturing PMI elaborated by the Singapore Institute of Purchasing & Materials Management (SIPMM) rose to 48.8 points from 48.3 points recorded in October. Despite the increase, the index remains below the 50-point threshold for the fifth consecutive month, which indicates a contraction in the manufacturing sector.
The November print reflected an improvement in seven out of the nine categories that compose the index, mainly led by an increase in the new orders category. That said, the majority of the categories remained below the 50-point threshold, with the output category falling to its lowest level in nearly four years. Meanwhile, a separate PMI elaborated for the all-important electronics sector deteriorated over the previous month. In November, the index fell to 47.4 points from 47.5 points in October, the lowest level seen in 14 months.