Manufacturing activity in Singapore grew at a slightly slower rate in April, according to data released by the Singapore Institute of Purchasing and Materials Management (SIPMM) on Tuesday (May 2).
The Purchasing Managers’ Index (PMI) – an early indicator of manufacturing activity – came in at 51.1 last month, a dip of 0.1 point from March. A reading above 50 means the manufacturing economy is expanding, while a reading below that indicates a contraction.
The slower rate of expansion was due to declining growth rates in new orders, new exports, inventory and employment, said SIPMM, adding that the declines were cushioned by a faster growth rate of factory activity.
Nevertheless, this is the eight straight month of expansion. “The latest PMI reading indicated that the local manufacturing sector has sustained continued growth despite uncertainties in the global environment,” said the institute.
A corresponding index for the electronics sector also posted a slower expansion, with the PMI for April at 51.6, a marginal drop of 0.2 point from the previous month.
Source: Channel News Asia
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