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Singapore PMI dips in May as employment contracts

Singapore's Purchasing Manager's Index stood at 50.8 in May, down 3 tenths of a point from April's reading of 51.1.

SINGAPORE: Singapore's manufacturing sector expanded at a slower pace in May compared with April, as employment contracted for a second month and the stockholding of finished goods declined.

The Purchasing Managers' Index (PMI) for the manufacturing sector stood at 50.8 in May, down from April's reading of 51.1, the Singapore Institute of Purchasing & Materials Management said in a statement.

A separate PMI for the electronics sector was unchanged at 50.4.

A PMI reading above 50 shows that activity in the manufacturing sector is expanding, while a reading below that indicates contraction.

Singapore's PMI reading has been in positive since the start of the year, in sharp contrast with China, where a PMI for the manufacturing sector compiled by HSBC and Markit has been in negative territory.

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