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Singapore's manufacturing PMI up marginally in July
SINGAPORE'S manufacturing sector recorded expansion for the 11th consecutive month, with electronics extending its expansion for the 12th consecutive month, as shown by the latest Purchasing Managers' Index (PMI) reading.
PMI for July was 51.0 - up 0.1 from the previous month, based on data released by the Singapore Institute of Purchasing and Materials Management (SIPMM) on Wednesday.
New orders, new exports and factory output improved, while inventory level was lower and employment contracted.
Stocks of finished goods, imports and order backlog expanded at a faster rate. Meanwhile, supplier deliveries expanded at a slower rate and input prices contracted after recording seven months of consecutive expansion.
"The latest PMI readings indicated that growth in the manufacturing sector could be sustained for the year," said SIPMM.
Growth in the electronics manufacturing sector remained robust. PMI reading was 52.2, up 0.1 point from the previous month due to an increase in electronics new orders, new exports, factory output and inventory level.
Electronics stocks of finished goods, imports, supplier deliveries and order backlog expanded at a faster rate, while electronics employment and input prices expanded at a slower rate.
The PMI, based on surveys, is a leading indicator of economic performance. A reading above 50 indicates growth in the sector, while a reading below 50 indicates contraction.