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Manufacturing economy dips for the 3rd time
PMI declined further to 48.7..
According to Singapore Institute of Purchasing & Materials Management (SIPMM), the September reading of the Singapore Purchasing Managers’ Index (PMI) indicated that the manufacturing economy contracted for the 3rd time after having previously recorded 2 months of continuous expansion.
Here's more from SIPMM:
The PMI posted a reading of 48.7, which was a dip of 0.4 point over the previous month.
The dip in the overall PMI was attributed to further decline in new orders as well as first-time contraction in new export orders. Production output, inventory and input prices reverted to contraction as well. Whilst stockholdings of finished goods expanded for the first time, imports and employment continued to contract.
In the electronics sector, the index posted a marginal dip of 0.7 point over the previous month, to moderate at a reading of 50.0. The latest readings indicated a decline in new orders as well as further expansions in new export orders, production output and inventory.
Electronics stockholdings of finished goods expanded for the first time whilst imports and employment continued to contract. Input prices recorded expansion for the second consecutive month after having moderated in the earlier month.
A reading of the Singapore Purchasing Managers’ Index above 50 indicates that the manufacturing economy is generally expanding and that the economy is generally declining when the reading falls below 50.
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