05 Dec '11, 2pm

Singapore's manufacturing shrinks for 5th straight month

Singapore's manufacturing shrinks for 5th straight month

SINGAPORE : Singapore's manufacturing sector shrank for the fifth straight month in November. The Singapore Institute of Purchasing & Materials Management (SIPMM) said the Singapore Purchasing Managers' Index (PMI) came in at 48.7 points. That is 0.8 of a point lower than October, and analysts see another fall for the PMI in the coming months. Lower orders pulled November's PMI below analysts' expectations of around 49.5. A PMI reading of above 50 indicates a manufacturing expansion, while a reading below 50 indicates a decline. While the overall decline was expected, some said last month's PMI points to slower production ahead. Analysts at CIMB said new orders are at their weakest in 14 months. And although new export orders rebounded ahead of holiday sales, they have been contracting for the past six months. Meanwhile, the electronics sector posted a 50.9 reading in Nove...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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