Singapore’s April PMI contracts for second month in a row

SINGAPORE’S overall factory activity resumed its downward trajectory in April, echoing the region-wide softening in manufacturing sentiment as external demand remains weak.

The Purchasing Managers’ Index (PMI) dropped 0.2 point to 49.7 last month, shrinking for the second time in a row, data from the Singapore Institute of Purchasing and Materials Management (SIPMM) showed on Wednesday (May 3).

A reading below 50 indicates the manufacturing sector is declining, while a reading above 50 means growth.