Chart of the Day: Singapore's backlog orders up for the first time in 3 months

Manufacturers off to a steady start.

According to CIMB, a rebound in manufacturing orders and output lifted Jan’s PMI from 49.7 (-1.1 pts mom) in Dec to 50.5, ahead of consensus and CIMB's forecasts of 50.0 and 49.9 respectively. Backlog orders also rose for the first time in three months (-1.5 pts to 50.9).

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Steady start for Singapore’s manufacturing sector

Singapore’s factories were busier in Jan 14 than in Dec 13, if its monthly PMI readings are any guide. The PMI recovered 0.8 pt to 50.5 in Jan, its best reading in three months, on the back of firmer orders (+1.2 pts to 51.5) and output (+1.7 pts to 51.2).

Backlog orders also rose for the first time in three months (-1.5 pts to 50.9). Importantly, the Tech PMI gained 1.9 pts (-1.1 pt in Dec) on stronger orders and output.