Singapore, Nov 2 (IANS) Singapore’s electronics sector bucked the contracting trend for manufacturing activities in October, according to the latest purchasing managers’ index (PMI).
Business Times said Wednesday that the PMI reading for the electronics sector was 52.1 in October, after three consecutive months of readings below 50.
Electronics factories had new orders from overseas and domestic markets, reported Xinhua.
A PMI reading above 50 suggests expansion, while that below 50 means contraction.
The overall PMI for October was 49.5 due to less new orders and new export orders.
‘It could be viewed as a ‘technical correction’,’ said Janice Ong, executive director of the Singapore Institute of Purchasing and Materials Management, which publishes the monthly PMI.
‘We need to watch the PMI in the months ahead to ascertain whether a rebound for the sector has taken place,’ she said.
