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Singapore PMI at 50 in October; electronics expands to 50.8
SINGAPORE'S manufacturing sector stayed in expansionary territory in October, albeit just barely.
The latest reading of the Purchasing Managers' Index (PMI) stood at 50, marking the second month of expansion. However, this was a marginal dip of 0.1 point from September's 50.1 - the first above-50 reading after 14 consecutive months of contraction.
Last month's weaker expansion was attributed to slower overall factory output and lower employment, although new orders and new exports posted marginal improvements, said the Singapore Institute of Purchasing and Materials Management (SIPMM).
In contrast, the electronics PMI recorded an increase of 0.5 point to 50.8 in October.
"The faster rate of expansion was attributed to a continued expansion reading for new orders, new exports and factory output," said SIPMM.
A PMI reading above 50 denotes growth, while one under 50 reflects a contraction in the manufacturing sector.