Singapore's manufacturing sector clocks in 12th straight month of growth in August

Singapore's manufacturing sector clocks in 12th straight month of growth in August

File photo of a manufacturing facility in Singapore. (Photo: AFP/Roslan Rahman)
SINGAPORE: Singapore's manufacturing sector expanded for the 12th straight month in August, according to data released by the Singapore Institute of Purchasing and Materials Management (SIPMM) on Monday (Sep 4).The Purchasing Managers’ Index (PMI) - an early indicator of manufacturing activity - came in at 51.8, a 0.8 point increase from July.A reading above 50 means the manufacturing economy is growing, while a reading below that indicates a contraction.
The institute attributed the increase in manufacturing activity to a faster rate of expansion in new orders, new exports, factory output and inventory level, as well as a slower rate of contraction in employment.
"The latest readings indicated sustained growth in the manufacturing sector since August last year," SIPMM said in its statement on Monday.
A corresponding index for the electronics sector also recorded an expansion, with the PMI for August at 53.2, a 0.1 point increase from the previous month.
Recorded as the electronics sector's 13th straight month of expansion, SIPMM said that all indicators recorded a faster rate of expansion, apart from supplier deliveries.
"Anecdotal evidence of the survey suggest that the electronics manufacturers are more upbeat about the sector, going forward," SIPMM said. 
Source: CNA/nc