Manufacturing PMI down 0.2 ppt to 52.3 points in July

The slowdown was fueled by slumping growth in new orders, new exports, and factory output.

Singapore’s manufacturing purchasing managers’ index (PMI) saw a slower expansion at 52.3 in July from 52.5 in June amidst slower growth in new orders, new exports, factory output, and lower inventory level, the Singapore Institute of Purchasing and Materials Management (SIPMM) revealed.

Despite this, manufacturing employment remains positive as the employment index inched up to 50.7 from 50.6 in June, achieving its 11th month of consecutive expansion.

The stocks of finished goods expanded at a faster rate as its index of 53.1 hit its highest since the peak in February 2011 at 53.5. Both the imports and input prices posted slower expansion rate and the order backlog index has recorded the second month of contraction.

Also read: Singapore Q2 GDP growth below expectations at 3.8%: MTI

Meanwhile, the electronics sector’s PMI slipped to 51.6 in July from 51.9 in June amidst slower expansion in new orders, new exports, inventory, and factory output. Despite the slip, the sector is on its 24th month of consecutive expansion despite imports and input prices getting hit by slower expansion rates.

Expansion in the electronics finished goods was recorded as the index rose to 52.7 in July from 52.3. Meanwhile, supplier deliveries and electronics deliveries posted slumping growth with the index slipping to 50.6 and 52.0 from 50.9 and 52.2, respectively.

Contraction continued for the third month in electronics order backlog, as the index was recorded at 49.1 in July from 49.7 in June.