Singapore's PMI contracts again in September

Singapore's manufacturing economy contracted for a third month, going by the September reading of the Singapore Purchasing Managers' Index (PMI), which fell to 48.6.

This was down from 49.3 in August.

A reading above 50 indicates expansion and below 50, a contraction.

Meanwhile, the electronics sector PMI also posted a contraction, falling from 49 in August to 48.5 in September.

"The contraction in the overall PMI was attributed to further contraction in new orders, new export orders as well as production output. Inventory and stockholdings of finished goods continued to expand," said the Singapore Institute of Purchasing & Materials Management in a report on Thursday. "Likewise, imports expanded further and recorded higher readings compared with the previous month. However, input prices and employment recorded further contraction readings."