Singapore’s manufacturing industry dipped for a third straight month to a 10-year low in November 2008, with a 44.3 point reading from the Purchasing Managers’ Index (PMI) – 1.5 points lower than October.
Most indices that contribute to the overall November PMI reading fell:
- electronics slipped 2.8 points to 46.2 points
- new orders contracted 2.5 points to 41.5 points
- employment declined 0.7 point to 45.1 points
While inventory and order backlog gained 1.3 points and 1.1 points respectively, economists say that the increases are probably due to a larger-than-expected fall in demand.
The PMI is released by the Singapore Institute of Purchasing & Materials Management (SIPMM). A reading over 50 indicates the industry is expanding.
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