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August 5, 2008

Singapore manufacturing grows in July
Singapore’s manufacturing industry in July expanded for the second month in a row while its key electronics industry weakened from the previous month, reported Reuters on Monday.

The Singapore Institute of Purchasing & Materials Management said on Monday its purchasing managers’ index -- a leading indicator for the manufacturing industry – slightly grew to 51.6 in July from 50.6 in June.

A reading above 50 points indicates that the manufacturing sector is growing.
The growth in July’s PMI was aided by higher domestic orders, production output and inventory, although the employment index shrank for the eighth consecutive month.
Manufacturing is expected to slow across Asia this year as demand softens in the continent’s biggest export markets, the United States and Europe.

An index for the electronics industry, which accounts for a third of the country’s manufacturing output, stood at 51.1 percent, weakening from 51.7 points in the previous month.

Singapore’s growth, which is fuelled mainly by manufacturing, is expected to grow at a slower pace this year due to weaker demand from key export markets and a high oil price.

The indices are based on data compiled from monthly replies to questions asked of purchasing executives in more than 150 industrial companies.

The survey is based on 12 industry groupings and weighted by each industry’s contribution to gross domestic product.

Survey responses reflect the change, if any, in the reporting month compared with the previous month. The Purchasing Managers’ Index is a composite index based on the diffusion indices of leading market indicators, with varying weights applied.

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