SINGAPORE – Factory activity in Singapore dipped in December from the previous month for a fourth straight month of contraction as global demand for manufactured goods continues to weaken.
The purchasing managers’ index (PMI) – a key indicator of trends in the sector – came in at 49.7 in December, down 0.1 point from November.
It was attributed to a faster contraction in the key indexes of new orders, new exports, factory output and inventory.
A reading over 50 indicates expansion; one below that points to contraction.
The global economy is experiencing a slowdown in the wake of rising inflation, higher interest rates and uncertainties from geopolitical developments.
The electronics sector PMI dipped 0.3 point from November to 48.9 – the fifth month of decline after two years of continuous expansion.
OCBC Bank chief economist Selena Ling said the combination of sharper contractions in new orders, new export orders,…
