Purchasing Managers’ Index edges down 0.2 point in July
It posted a moderate expansion at 50.1.
The Purchasing Managers’ Index (PMI) was down 0.2 point in July 2022 from 50.3 last month to 50.1, revealed the Singapore Institute of Purchasing and Materials Management (SIPMM).
The overall manufacturing industry posted 25 consecutive months of expansion. The electronics sector PMI also declined 0.3 point from June 2022, with a “slower rate of expansion” at 50.5.
Sophia Poh, vice president of industry engagement and development at SIPMM, said the decline continues as the manufacturing sector still takes a hit from rising inflation.
“The sector continues to face global headwinds as high inflation hits almost all advanced economies. This further aggravates the costly disruptions on global supply chains due to the pandemic, as well as the prolonged uncertainties arising from the Russia-Ukraine conflict,” she said.
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