SINGAPORE: Singapore’s factory activity remained in negative territory for the fourth consecutive month in May amid the COVID-19 outbreak, ...
May’s Purchasing Managers’ Index - which rose 2.1 points from the previous month - signals the cautious optimism of manufacturers, said Ms Sophia Poh, the vice president of industry engagement and development at the Singapore Institute of Purchasing and Materials Management , on Wednesday.Despite the uptick, May’s overall PMI remained in negative territory at 46.8.
A PMI reading above 50 indicates that the manufacturing economy is generally expanding, while a reading below 50 indicates that it is generally declining. May’s overall reading was attributed to “slower contractions in the key indexes of new orders, new exports, factory output and employment”, said SIPMM.
The inventory index and finished goods index expanded this month after three and two consecutive months of contraction, respectively.“Despite weaker supply chain operations arising from last month’s extended local circuit breaker measures, the latest improved PMI readings indicate the resilience of the local manufacturing sectors,” said Ms Poh.
“Going forward, manufacturers are cautiously optimistic of a gradual recovery towards the latter half of the year,” she said.
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