Channel NewsAsia

Singapore's PMI rises to 51.5 in July

Singapore's manufacturing economy expanded for a 7th straight month in July.

SINGAPORE: Singapore's manufacturing economy picked up pace in July, expanding for the 7th straight month. The Purchasing Managers' Index (PMI) rose to 51.5 - up from 50.5 in June according to the Singapore Institute of Purchasing & Materials Management.

The increase was attributed to higher new orders and new export orders as well as higher level in production output and inventory. A reading above 50 shows that the manufacturing economy is generally expanding, while a reading below 50 indicates contraction.

Meanwhile, the corresponding index for the electronics sector also climbed - hitting 52.4 in July, up from 50.7 in June, indicating further growth in new orders from domestic and overseas markets.

Analysts say the improved numbers suggests that manufacturing strength could support overall economic growth and non-oil domestic exports could see recovery with new orders growth.