| |
| |
 |
| |
|
| |
|
| |
|
SINGAPORE: Singapore's manufacturing economy has contracted for a third straight month to a new seven-year low.
The Purchasing Managers' Index (PMI) for November posted a reading of 44.3 points. A reading below 50 means the manufacturing economy is generally contracting.
While the PMI is slightly better than market expectations of 44 points, analysts said it offers little relief.
Selena Ling, head of Treasury Research & Strategy at OCBC Bank, said: "It's still a record low. And if you look at recent PMI numbers from US, Eurozone, Russia, China, they all came in weaker than what the market was expecting. Singapore's PMI data fits in with the demand destruction story."
November's showing is 1.5 points down from the previous month due to a continued drop in overall new orders and new export orders.
Declining levels in production output, imports and employment also contributed to the weak overall performance and this is expected to worsen in the next few months.
Analysts said Tuesday's data does not bode well for Singapore's industrial production and exports for the last two months of the year.
"This is part of the synchronized recession in the G3 economies. Even within Asia, China's growth forecast was recently downgraded," Ms Ling added.
Meanwhile, the corresponding index for electronics also showed a contraction at 46.2, a drop of 2.8 points from October.
This indicates falling new orders from domestic and overseas markets.
The monthly PMI figures are closely-watched because the manufacturing sector accounts for a quarter of the Singapore economy. - CNA/vm
|
