By Fabiana Negrin Ochoa
SINGAPORE–A key gauge of Singapore’s manufacturing activity expanded for a third straight month in November, signaling that the sector’s recovery is on track.
The purchasing managers index rose to 50.3 in November from 50.2 in October, the Singapore Institute of Purchasing and Materials Management said Saturday. It cited growth in indexes for new orders and input purchases, as well as a pick-up in new exports and factory output.
The index had lingered in contractionary territory since March, before swinging to growth in September. A reading above 50 indicates expansion, while a figure below signals contraction.
The PMI for electronics, which accounts for about a third of the city-state’s manufacturing activity, returned to expansion in November, rising to 50.1 from 49.9 in October, the data showed.
Local manufacturing activity has continued to expand despite continued global geopolitical and macroeconomic uncertainties, said Stephen Poh, executive director at SIPMM.
“The latest PMI readings indicate the resilience of Singapore’s manufacturing sector, which is on track for a firm recovery towards the end of the year,” he added.
Write to Fabiana Negrin Ochoa at [email protected]
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