Singapore's factory activity shrinks to lowest since December 2016
Manufacturing activity in Singapore shrank for the sixth consecutive month in February, as demand for made-in-Singapore goods as well as employment levels slowed, amid an uncertain economic and trade environment at home and abroad.
The Purchasing Managers' Index (PMI) for February came in at 50.4, down 0.3 points from the previous month. This is the lowest reading since December 2016, according to numbers published by the Singapore Institute of Purchasing and Materials Management (SIPMM) on Monday (Mar 4).
This was due to a second-time contraction in new orders, new exports, and employment, as well as a third-time contraction in factory output, said SIPMM. The weaker reading was cushioned by the inventory index, which recorded a higher rate of expansion.
Singapore's factories have had a stuttering start to the year. Industrial production declined 3.1 percent in January from a year ago - its first negative print since December 2017 and the worst year-on-year performance since July 2016.