Singapore’s PMI sees back-to-back gains after six-month contraction

SINGAPORE - Factory activity in Singapore inched up for a second consecutive month after a six-month slump, indicating a potential turnaround for manufacturing even as the electronics sector continued to decline.

OCBC Bank’s chief economist Selena Ling said that the decline in supplier deliveries may be due to “supply chain calibration”, possibly driven by the DBS Group Research economist Chua Han Teng said that October manufacturing PMI reflects better conditions for Singapore’s factories. For the electronics segment, the latest PMI data indicates signs of a recovery, with a 0.1 point improvement from the previous month, taking it to 49.9, which is a hair’s breadth away from the 50-point threshold.

Within the electronics segment, key indicators such as new orders, production and employment saw improved readings, while several others, such as new exports, input purchases, imports, order backlog and supplier deliveries, worsened.

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