Singapore: Manufacturing PMI rises in July
Latest reading: The Singapore Institute of Purchasing and Materials Management (SIPMM) Manufacturing PMI rose to 51.4 in July from 51.3 in June. As a result, the index moved further above the 50.0 no-change threshold, and signaled a faster improvement in manufacturing-sector operating conditions compared to the previous month. Meanwhile, the electronics PMI rose to 52.4 in July (June: 52.2).
The latest PMI reading was primarily driven by stronger growth in new orders, new exports, input purchases, and employment, despite a slower expansion in factory output. However, the supplier deliveries index contracted at a faster pace, reflecting prolonged lead times and escalating supply chain constraints.
In terms of prices and business sentiment, input prices soared due to the collapse of the Middle East ceasefire, which triggered a supply chain crisis and severely impacted supplier delivery times. Despite these challenges, the future business index remained positive for the ninth consecutive month, highlighting sustained confidence among manufacturers in the business conditions.