Singapore’s Purchasing Managers' Index (PMI) slipped further into contraction mode in August, dipping 0.4 point to 49.3, though the drop was not unexpected.
Private-sector economists polled by Bloomberg had earlier projected a reading of 49.4, down from July's 49.7.
A reading above 50 represents growth, while one under 50 points to a contraction in the manufacturing sector.
The Singapore Institute of Purchasing & Materials Management (SIPMM), which compiles the index monthly from a survey of more than 150 manufacturing firms' purchasing managers, says, “The contraction in the overall PMI was attributed to further contraction in new orders, new export orders, production output as well as input prices.
"Inventory, stockholdings of finished goods and imports continued to expand and recorded lower readings."
The electronics PMI also stayed below the 50-point mark in August, dipping 0.5 point to 49.0, in line with the market's forecast.
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Private-sector economists polled by Bloomberg had earlier projected a reading of 49.4, down from July's 49.7.
A reading above 50 represents growth, while one under 50 points to a contraction in the manufacturing sector.
The Singapore Institute of Purchasing & Materials Management (SIPMM), which compiles the index monthly from a survey of more than 150 manufacturing firms' purchasing managers, says, “The contraction in the overall PMI was attributed to further contraction in new orders, new export orders, production output as well as input prices.
"Inventory, stockholdings of finished goods and imports continued to expand and recorded lower readings."
The electronics PMI also stayed below the 50-point mark in August, dipping 0.5 point to 49.0, in line with the market's forecast.
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