SINGAPORE: After 27 consecutive months of expansion, Singapore’s electronics sector contracted in November.
According to the Purchasing Managers' Index (PMI) readings published by the Singapore Institute of Purchasing and Materials Management (SIPMM) on Monday (Dec 3), the electronics segment recorded a result of 49.9 points, which is a drop of 0.6 point from the previous month.
AdvertisementThis was due to slower expansion in the key indicators of new orders, exports, factory output and inventory, SIPMM said in a statement.
A PMI reading above 50 indicates that the manufacturing economy is generally expanding, while a reading below 50 indicates that it is generally declining.
Still, employment in the electronics segment fared better, recording its 25th month of consecutive expansion.
However, while the electronics sector contracted, the overall manufacturing economy expanded, but at a slower rate, with activity declining by 0.4 point to 51.5.
AdvertisementAdvertisementThe SIPMM said this was due to slower expansion in key indicators of new orders and exports, factory output, inventory and employment.
Singapore’s November manufacturing PMI reading is also the lowest since July last year, when it was 51.
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