Singapore: Manufacturing PMI rises in February
Latest reading: The Singapore Institute of Purchasing and Materials Management (SIPMM) Manufacturing PMI rose to 50.6 in February from 50.5 in January. As a result, the index moved further above the 50.0 no-change threshold, and signaled a faster improvement in manufacturing-sector operating conditions compared to the previous month. Meanwhile, the electronics PMI rose to 51.3 in February (January: 51.1).
The improvement in the February headline PMI was primarily driven by stronger growth from the previous month in new orders, new exports and employment, which collectively suggest a robust demand environment. However, the PMI was weighed down by worse readings for factory output and input purchases.
Firms’ sentiment remained optimistic, supported by sustained demand from the electronics and the semiconductor clusters, despite rising geopolitical tensions and concerns about potential supply-chain disruptions.