Early signs of a slowdown?
by Millet Enriquez | Sep 03
SINGAPORE - Early signs of the expected slowdown in the Singapore economy may be on the horizon.
A slowdown in demand for electronics in key regions has caused the local manufacturing sector to snap a 15-month growth streak.
The Purchasing Managers' Index (PMI) showed that last month's manufacturing economy came in at 49.4 - a decline of 2.8 points over the previous month.
A reading above 50 indicates that the manufacturing economy is expanding, while a number below indicates a contraction.
Demand from the United States, China and Europe has been slipping in the last few months and factory output, especially for the electronics sector, has declined substantially, said Ms Janice Ong, executive director at the Singapore Institute of Purchasing and Materials Management (SIPMM), which releases the data every month.
"Hopefully, this one-time contraction in the overall PMI is only short-lived and demands from the foreign markets will pick up in the months ahead," Ms Ong said.
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