Singapore’s purchasing manager’s index (PMI) declined 0.5 point in April from March to a slower expansion at 50.3, a report by Singapore Institute of Purchasing and Materials Management (SIPMM) has revealed.
The Purchasing Managers’ Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. The purpose of the PMI is to provide information about current and future business conditions to company decision makers, analysts, and investors.
The weak reading was much due to moderating growth recorded in the new orders, new exports, factory output, inventory, and employment level, experts say.
Despite the decline in reading, the manufacturing PMI has also marked its 32nd month of consecutive expansion.
The electronics sector PMI dipped by 0.3 points as compared to its index in March to a further contraction at 49.5. April saw the sector’s sixth consecutive month of decline, triggered by the weaker readings in new orders, new exports, factory output, inventory, and employment level.
The finished goods index posted a slower rate of expansion, whereas the supplier deliveries index posted a faster rate of expansion. Imports index posted a slower rate of contraction, and the input prices index posted a first-time contraction.