SINGAPORE, Mar 3 (NNN-CNA) – Singapore Institute of Purchasing and Materials Management (SIPMM), announced yesterday that, the Singapore purchasing managers’ index (PMI), an early indicator of manufacturing activity, decreased from 50.7 in Jan to 50.5 in Feb.
This is the eighth month of expansion for Singapore’s overall manufacturing sector. The decrease in PMI reading indicates the expansion in Feb is slower than in Jan.
A PMI reading above 50 indicates expansion, while a reading below 50 indicates contraction.
Meanwhile, PMI of Singapore’s electronics industry posted a dip of 0.2 points from the previous month, to record a slower expansion at 50.8 in Feb. This is the seventh month of expansion for the electronics industry.
Sophia Poh, SIPMM vice-president of Industry Engagement and Development, was quoted as saying, the supply chain operating environment, which first weakened in the second quarter of last year, has since improved.
“Manufacturers are looking to a brighter outlook with minimal disruption to global supply chains, as countries worldwide, including Singapore, started to roll out their vaccination programmes,” she said.– NNN-CNA
