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Singapore's November PMI slips to 51.8, electronics PMI drops to 50.6
SINGAPORE'S Purchasing Managers' Index (PMI) dipped slightly in November to 51.8, down 0.1 from October's three-and-a-half-year high of 51.9.
But the PMI for the electronics sector dropped more drastically, falling 1.9 to 50.6 - a far cry from October's 52.5 reading.
Private-sector economists polled by Bloomberg prior to the data release had expected the overall PMI to come in at 51.5, and the electronics PMI at 52.1.
A reading above 50 denotes an expansion in the manufacturing sector, and one below 50, a contraction.
The Singapore Institute of Purchasing & Materials Management (SIPMM) said on Tuesday that new export orders in the electronics sector contracted for the first time after having recorded over 22 consecutive months of expansion. All sub-indices for the electronics PMI were down from October as well, save for prices and deliveries.
As for the expansion in the overall PMI, SIPMM attributed this to further increases in new orders and new export orders - up 0.4 to 53.3 and up 0.7 to 52.2 respectively.
SIPMM compiles the index monthly from a survey of more than 150 industrial companies' purchasing managers.