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Singapore's PMI rises to 51.9 in October
SINGAPORE'S Purchasing Managers' Index (PMI) expanded further in October, rising 1.4 points to 51.9 - a high not seen in over three years. All sub-indices - save input prices and order backlog - posted higher readings.
This was a better performance than private-sector economists had expected. Those polled by Bloomberg had earlier projected a reading of 50.5 - the same as September's showing. A reading above 50 denotes growth, while one under 50 points to a contraction in the manufacturing sector.
The electronics PMI also rose in October - it was up 0.6 point to 52.5. The Singapore Institute of Purchasing & Materials Management said of the electronics reading: "The readings indicated growth in new orders from both domestic and overseas markets. Production output, inventory and imports continued to expand. Stockholdings of finished goods expanded for the first time after having contracted in the previous month, while input prices continued to contract."