Singapore's PMI drops to 49.3 in July

Electronics PMI also fell to 49.5.

OCBC says new orders and new export orders contracted for the second straight month in July.

Here’s more from OCBC:

Singapore’s PMI fell from June’s 50.4 to 49.3 in July (contraction territory) as new orders and new export orders contracted for the second straight month and production also dipped into contraction. This is in line with global PMIs that similarly reflected slowing manufacturing momentum amid a slowing global demand environment, especially given the recent US debt ceiling deadline and the European peripheral debt crisis. The electronics PMI also fell from 50.9 to 49.5 in July, corroborating the weakness that was already evident in the recent domestic NODX and industrial production data, and given the US semiconductor book-to-bill ratio had clearly softened since March this year. Our view is this could be a soft patch akin to the depressed PMI readings between Aug-Sep 2010 which subsequently rebounded from October onwards as manufacturing momentum reaccelerated in preparation for the Q4 Christmas season.

Photo from Gualterio Pulvirenti

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