PMI slows in October, marking 0.2-point dip to 50.8

The slowdown was due to slower expansions in key indexes.

October marked a slower expansion of the Purchasing Managers' Index (PMI), dipping 0.2 point to 50.8 from September. 

The Singapore Institute of Purchasing and Materials Management (SIPMM) attributed the slowdown to a slower expansion rate in key indexes such as new orders, new exports, factory output, and input purchases, as well as input prices and future business. 

In contrast, indexes for employment, supplier deliveries, finished goods, imports, and order backlog recorded faster expansion rates.

Meanwhile, October marked the 17th consecutive month of expansion for the order backlog index and the 16th straight month of growth for the future business index.

“The outlook for Singapore’s manufacturing business remains positive, with demand increasing towards the year-end festive seasons,” said Stephen Poh, executive director of SIPMM.