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SINGAPORE : Singapore's manufacturing economy expanded for the ninth straight month in January, but at a slower pace.
The Purchasing Managers Index (PMI) for January showed a reading of 51.4, a decline of 1.9 points over December.
A reading above 50 indicates that the manufacturing economy is generally expanding, while one below the figure signifies contraction.
The decline in the overall PMI was due to lower new orders and new export orders, as well as lower levels in production output and inventory.
While stockholdings of finished goods eased, overall imports and employment continued to expand and posted higher readings.
The overall input prices expanded for the first time after recording a contraction in the previous month.
Meanwhile, the corresponding index for the electronics sector recorded further expansion at 53.8 in January, up 0.9 point over the previous month. This is the third consecutive month that the electronics sector has expanded.
The readings indicated further growth in new orders from domestic and overseas markets. Electronics inventory, imports and employment continued to expand and posted higher readings.
Production output and stockholdings of finished goods posted lower readings, but continued to expand over three consecutive months. Input prices continued to contract for the second straight month.
The PMI is published by the Singapore Institute of Purchasing & Materials Management. - CNA/ms
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