The December reading of the Singapore Purchasing Managers’ Index (PMI) decreased 0.1 point from the previous month to post a fourth month of continuous contraction at 49.7. The latest PMI reading was attributed to a faster contraction in the key indexes of new orders, new exports, factory output and inventory. The employment index recorded a marginally slower rate of expansion and has now expanded for 22 continuous months. The Electronics Sector PMI recorded a decrease of 0.3 point from the previous month to post a faster contraction at 48.9. The latest sector reading was attributed to a faster contraction in the key indexes of new orders, new exports, factory output, inventory, and employment.
The latest PMI readings do not bode well for the manufacturing sector. A slowing electronics demand and an escalating cost pressure are weighing down on the overall manufacturing sector. Global uncertainties from geopolitical developments as well as the macroeconomic risks of high inflation and volatile energy prices continue unabated into the new year.Ms Sophia Poh, Vice President, Industry Engagement & Development
|Month/Year||Singapore PMI||Electronics Sector PMI|