PMI contracts to 49.8 in January

It edged up 0.1 points from December.

The Purchasing Managers' Index (PMI) continued to contract in January at 49.8, data from the Singapore Institute of Purchasing and Materials Management (SIPMM) showed.

January marks the "fifth month of continuous contraction" for the PMI, according to the SIPMM.

Compared to December, the PMI edged up 0.1 points.

SIPMM attributed the improvement in the PMI to the "slower contraction in the key indexes of new orders, new exports, factory output, and inventory."

Slower contraction in the three indices plus employment also pushed the Electronics Sector PMI up by 0.2 points to 49.1.

"Anecdotal evidence suggest that Singapore companies have been quite resilient in their supply chains thus far, but ongoing geopolitical developments could worsen the supply situations," the SIPMM added.