The PMI for the electronics sector, a key subset of Singapore’s overall manufacturing output, contracted for its eighth consecutive month, falling 0.2 point to 49.2. The sector saw contractions in new orders, new exports, factory output, inventory level and employment level as well. UOB economist Barnabas Gan sees these figures as reinforcing the view that Singapore’s economic prospects have worsened.
SINGAPORE (July 8): Singapore’s manufacturing Purchasing Managers’ Index has declined for the second straight month, dropping 0.3 point from May to 49.6 in June. This is also the third consecutive month of slowdown and the second consecutive month where the PMI is below the 50-point level.
Contractions also occurred for the first time in indicators of new orders, factory output, inventory and employment. New exports and imports also registered slower growth.
