Layoffs may loom as Singapore factory outlook falls to 2009 levels

The PMI dropped to 45.4 in March - down by 3.3 points from the month before, the lowest reading since February 2009

Annabeth Leow

Published Fri, Apr 3, 2020 · 09:50 PM

Singapore

SINGAPORE'S factory activity has fallen to levels last seen during the Great Recession, according to early industry figures out on Friday.

As the deadly Covid-19 pandemic continues to ravage the globe, jobs could be next on the chopping block, economic watchers also warned.

The Purchasing Managers' Index (PMI), a sentiment gauge for the manufacturing sector, dropped to 45.4 in March - down by 3.3 points from the month before - to touch its lowest reading since February 2009.

Meanwhile, the electronics industry's PMI plumbed a similar depth with a reading of 44.1, lower by 3.5 points, on the back of steeply lower output, new exports a…