Singapore PMI summary as of November 2022

The November reading of the Singapore Purchasing Managers’ Index (PMI) increased 0.1 point from the previous month to post a third month of continuous contraction at 49.8. The latest PMI reading was attributed to a slower contraction in the key indexes of new orders, factory output and inventory. The new exports index contracted at a faster rate whereas the employment index recorded a marginally faster rate of expansion and has now expanded for 21 continuous months. The Electronics Sector PMI recorded an increase of 0.1 point from the previous month to post a slower contraction at 49.2. The latest sector reading was attributed to a slower contraction in the key indexes of new orders, factory output, inventory and employment.

Anecdotal evidences suggest that local manufacturers are less optimistic of the economic outlook going forward into the first half of next year. The weaker global demand and China’s Covid-19 containment measures are weighing on domestic demand despite the year-end festive seasons, although there was some respite from lower cost pressures on local manufacturers.

Ms Sophia Poh, Vice President, Industry Engagement & Development

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