New orders, new exports, factory output, inventory, and employment level all slowed down.
Singapore’s manufacturing PMI reading for May contracted 0.4 points to 49.9 from 50.3 in April, the first decline after recording 32 months of consecutive expansion, according to the Singapore Institute of Purchasing and Materials Management (SIPMM).
This was attributed to slower growth recorded in new orders, new exports, factory output, inventory, and employment level.
Meanwhile, the indexes of imports, input prices, supplier deliveries recorded faster expansion, whilst the expansion of finished goods has slowed down. The order backlog index continued to fall for the eightth consecutive month.
The Electronics Sector PMI dipped 0.1 points to 49.4 from 49.5 in April. This is the electronics sector’s seventh consecutive month of decline. This was also attributed to weaker readings in new orders, new exports, and employment level.
The indexes of factory output and inventory recorded slower rates of contraction, whereas the supplier deliveries index recorded a faster rate of expansion.
In addition, electronic finished goods index posted contraction for the first time. The indexes of imports and input prices reverted to expansion readings, whilst the electronics order backlog index declined for 13 continuous months.
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