PMI edges up to 49.7 in May

This marks the second contraction following 19 consecutive months of expansion.

The Purchasing Managers’ Index (PMI) in May edged up 0.1 point from the previous month to 49.7, marking the second contraction reading for the overall manufacturing sector after recording 19 months of expansion.

According to the Singapore Institute of Purchasing and Materials Management (SIPMM), the slower contractions can be attributed to the thawing trade tensions after the US and China slashed their substantial tariffs.

In addition, the indexes of new orders, factory output, and employment recorded slower contraction.

Meanwhile, the indexes of input purchases and imports posted a faster expansion rate, whereas the indexes of new exports and supplier deliveries posted a slower expansion rate.

“The input prices index posted a slower contraction, whereas the future business index posted a faster contraction. Slower expansion rates were recorded for the indexes of finished goods and order backlog,” Stephen Poh, executive director of SIPMM said.

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