Chart of the Day: Here is proof that Singapore's tech recovery is still in the making

Despite PMI components improving.

According to CIMB, the PMI’s modest improvement was led by New Orders (+1.2 pts to 52.2), New Export Orders (+0.6 pt to 51.7), Backlog Orders (+1.6 pts to 50.6) as well as Output (+0.3 pt to 52.4) and Employment (+1.1 pts to 51.2).

Orders-to-Inventory rose to 1.07x from 1.04x the month before, spelling further upside for the PMI next month.

Here's more from CIMB:

Tech PMI components also improved: New Orders (+0.5 pt to 51.8), New Export Orders (+0.5 pt to 52.2), Backlog Orders (+0.5 pt to 53.1) as well as Output (+1.8 pts to 52.7) and Employment (+0.5 pt to 50.9).

Orders-to-Inventory similarly climbed to 1.07x last month from Sep’s 1.04. Nonetheless, monthly tech readings have been choppy, indicating an uneven recovery.