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Singapore manufacturing PMI inches up to 50.9 in June
SINGAPORE'S manufacturing sector saw its 10th straight month of improving conditions in June this year, as its Purchasing Managers' Index (PMI) inched up to 50.9 from an earlier 50.8.
This came as the electronics sub-sector, which had been leading manufacturing output growth thus far, saw a fall in the PMI. It was at 52.1 in June, down from May's 52.4.
These results were released on Monday by the Singapore Institute of Purchasing and Materials Management (SIPMM), which compiles the data.
The PMI, based on surveys, is a leading indicator of economic performance. The higher the reading is above 50, the faster the rate of expansion for the sector from the previous month.
June's headline PMI was better than what economists had expected. Three economists who responded to a Bloomberg poll had expected a PMI reading of either 50.5 or 50.6.
In June, stocks of finished goods recorded a slightly faster rate of expansion. However, a slower rate of expansion was recorded for the indicators of imports, input prices, supplier deliveries and order backlog.
"The latest PMI readings indicated that growth in the local manufacturing sector remained unfettered, despite headwinds and uncertainties in the global market environment," said SIPMM.
As for the electronics sub-sector, SIPMM said its lower reading was due to declines in electronics new orders, new exports, factory output, inventory level and electronics employment.