Singapore PMI inches up in June but remains in contraction for 3rd straight month

SINGAPORE’S overall factory activity improved slightly in June, but remained in contraction territory for the third straight month, as weak global demand continues to hit manufacturing sentiment in the region.

The Purchasing Managers’ Index (PMI) inched up 0.2 point to 49.7 last month, contracting at a slower rate than in May, data from the Singapore Institute of Purchasing and Materials Management (SIPMM) showed on Monday (Jul 3).

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