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Singapore: Singapore factory activity shrinks for 13th month in a row
Singapore: Singapore factory activity shrinks for 13th month in a row
Wednesday, 3 August 2016 – Factory activity shrank for the 13th straight month in July as the lacklustre global economy continued to weigh on demand.
Elsewhere in the region, manufacturing performance remained patchy and economists are not optimistic about long-term prospects.
The Purchasing Managers’ Index (PMI) here – an early indicator of manufacturing activity – came in at 49.3 last month, down slightly from the 49.6 reading in June. A reading below 50 indicates contraction.
Last month’s fall came on the back of shrinking domestic and export orders.
The employment index also slid – it has recorded contraction readings since November 2014 as manufacturers restructure their labour force, according to the PMI report.
The data is compiled by the Singapore Institute of Purchasing and Materials Management from a monthly poll of purchasing executives at about 150 industrial firms. Read More?