ASEAN KEY DESTINATIONS
Singapore's manufacturing economy improves in August
SINGAPORE: Local manufacturing activity remained in contraction in August for the 14th straight month, although the performance was better compared with July.
The latest Purchasing Managers' Index (PMI) reading released on Friday (Sep 2) came in at 49.8, a 0.5 point increase from the reading of 49.3 in July, according to the Singapore Institute of Purchasing and Materials Management (SIPMM).
A reading above 50 means that the manufacturing economy is expanding, while a reading below 50 indicates contraction.
Higher new orders and new exports, as well as higher factory output and employment. helped the performance, noted SIPMM while both the manufacturing inventory and finished goods recorded a slower rate of expansion.
Readings for inventory and stocks of finished goods also continued to record expansion, although the rate of supplier deliveries slowed.
Similarly, imports recorded a slower rate of expansion albeit the index now recorded expansion readings for 16 months.
Manufacturing employment remained lacklustre and the index continued to post contraction readings since November 2014.
SIPMM also noted the order backlog index for overall manufacturing industry reverted to a marginal expansion after contracting for 2 months.
Manufacturing activity in the electronics sector reverted to a marginal expansion for the first time in 13 months with an improved PMI reading of 50.2, up 0.5 of a point from July.
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Indonesia to launch 13th economic package this month
Coordinating Economic Minister Darmin Nasution said on Wednesday that the government would release its 13th economic policy package in August, adding that the draft had been completed.
Darmin said the 13th package was largely an extension of the previous one, but would expand its focus beyond industry. The 12th package focused on small and medium enterprises.
"We are just waiting to schedule a meeting with the president," Darmin told reporters at his office. He refused to give the exact date the new policy package would come into effect.
The ministry team must meet with President Joko "Jokowi" Widodo one more time to finalize the details, Darmin said.