Singapore: Manufacturing PMI rises in March
The manufacturing PMI produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) increased to 53.0 in March from 52.7 in February. It remained well above the crucial 50-point mark that separates expansion from contraction in Singapore’s manufacturing sector, logging a 19th consecutive month of expansion. March’s result reflected a pick-up in factory output, new orders and new exports. However, employment grew at a softer pace than in the prior month.
The electronics PMI edged up slightly, from 52.1 in February to 52.4 in March, remaining in expansionary territory. The increase was driven by quicker growth in factory output, inventory, new orders and new exports.