Singapore PMI Continues Signaling Manufacturing Recovery

   By Amanda Lee 
 

SINGAPORE--A key gauge of Singapore's manufacturing activity ended the third quarter with a 13th straight month of expansion, thanks to a firm recovery in the electronics sector.

The purchasing managers index compiled by the Singapore Institute of Purchasing and Materials Management rose to 51.0 in September from 50.9 in August, marking the highest reading since July 2021.

A reading above 50 indicates that the manufacturing economy is generally expanding, while one below suggests a decline.

September's increase was due to a faster expansion in key indexes for new orders, new exports, factory output, and employment, SIPMM said Wednesday.

The PMI for electronics, which accounts for about a third of Singapore's manufacturing activity, rose to 51.5 in September from 51.3 in August to notch an 11th consecutive month of expansion and the strongest reading since August 2018.

The latest PMI readings indicate the manufacturing sector's resilience, despite global geopolitical risks and uncertainties in major economies, said Stephen Poh, executive director at SIPMM.

Write to Amanda Lee at amanda.lee@wsj.com

(END) Dow Jones Newswires

October 02, 2024 09:14 ET (13:14 GMT)

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