SINGAPORE, Dec 4 (Reuters) - Singapore's manufacturing
activity improved slightly in November but still contracted for
a fifth consecutive month as new orders and production output
shrank further, a business survey showed, mirroring a tepid
Singapore's Purchasing Manager's index (PMI) rose to 48.8
points last month from 48.3 in October, the Singapore Institute
of Purchasing & Materials Management (SIPMM) said on Tuesday.
A PMI reading below 50 shows activity is contracting.
A separate PMI for Singapore's electronics sector showed
activity weakened marginally to 47.4 in November from 47.5 in
'The overall employment index recorded a contraction for the
17th (consecutive) time,' the SIPMM said in a statement. 'The
electronics sector employment index edged up 0.8 point to record
a contraction at 49.6.'
The global manufacturing sector's slump eased in November as
output rose for the first time in five months, JPMorgan's Global
Manufacturing PMI survey showed on Monday.
That survey, published along with financial data firm
Markit, showed global PMI rose to 49.7 in November from 48.8 in
October - the best reading since June but still below the key 50
Chinese manufacturing output grew last month for the first
time in 13 months but a contraction in U.S. factory activity
kept optimism about the health of the world economy in check.
Surveys also showed the euro zone's manufacturing sector
shrank for a 16th straight month in November but a bit less
rapidly than in October.
In mid-November, Singapore cut its economic growth forecast
for this year to around 1.5 percent and warned of a subdued 2013
with growth of 1-3 percent due to risks from the U.S. fiscal
cutback and the eurozone crisis.
The wealthy city-state, a major Asian business centre whose
trade is three times the size of its economy, has been hit by
problems in the West that have hurt financial services and
demand for its exports.
SINGAPORE OVERALL PMI
Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan
48.8 48.3 48.7 49.1 49.8 50.4 50.4 49.7 50.2 50.4 48.7
47.4 47.5 50.0 50.7 49.2 50.4 50.8 51.5 51.5 51.0 50.5
New Export Orders Index
48.5 48.0 49.4 50.4 50.2 51.1 50.8 51.3 51.0 50.5 49.0
- Singapore's PMI is produced ahead of government data on
manufacturing and exports.
- Economists say the PMI does not appear to track activity
at pharmaceutical companies, which make up Singapore's
fastest-growing manufacturing sector.
- For more PMI reports from around the world, see
(Reporting by John O'Callaghan; Editing by Richard Borsuk)
Keywords: SINGAPORE ECONOMY/PMI
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