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Singapore factory activity expands for 13th straight month on broad pick-up
SINGAPORE factory activity grew for the 13th consecutive month, with the Purchasing Managers' Index (PMI) trending higher by 0.2 point to 52 in September - a record high since April 2011.
All key indicators recorded a faster rate of expansion, based on the latest data released by the Singapore Institute of Purchasing and Materials Management (SIPMM) on Monday.
A reading above 50 indicates that the manufacturing economy is generally expanding and a reading below 50 indicates a generally declining economy.
Stocks of finished goods, however, expanded at a slower rate on the back of higher new orders, and this should bode well for the manufacturing economy, said SIPMM. Input prices too saw a slower rate of expansion.
Notably, manufacturing employment reverted to an expansion after four months of contraction.
The electronics sector PMI continued its ascent for the 14th consecutive month, climbing 0.4 point from August to reach 53.6, a record high since July 2010.
Key indicators of the sector also posted faster rates of expansion, except for employment, which expanded at a slower rate. Similarly, order backlog and stocks of finished goods also expanded at a slower pace.
Electronics deliveries, however, reverted to a contraction after seven months of expansion.