Manufacturing PMI retreats for 13th consecutive month in July

The manufacturing sector is hungry for new orders.

Singapore’s purchasing managers’ index (PMI) can’t quite catch a break as the July reading posted a 0.3 point drop from the previous month, registering the 13th straight month of decline.

According to a report by the Singapore Institute of Purchasing & Materials Management (SIPMM), the decline was due to lower orders and new exports, as well as lower factory output.

“Manufacturing inventory recorded a slower rate of expansion, whereas the finished goods recorded a slightly faster rate of expansion,” the release said.

Meanwhile, the imports index recorded expansion readings for 15 months, while input prices for raw materials have now recorded 13 months of contractions.

“The overall employment index has recorded contraction readings since November 2014, with more manufacturing companies undergoing restructuring of their labour force,” the report said.