Singapore PMI rises in May, recovers from April lows

Singapore

IN MAY, Singapore's factory sentiment improved both overall and in the electronics sector for the first time this year, recovering from April's levels, which were the lowest since 2008. But both readings were still in contractionary territory for the fourth straight month, with economists warning that headwinds persist.

The Purchasing Managers' Index (PMI) - an early indicator of factory activity - rose 2.1 points to 46.8 in May, while the electronics sector PMI rose 3.4 points to 46.2. A reading below 50 indicates contraction, and above 50, growth.