Pessimism prevails in Singapore’s slowing manufacturing sector

August PMI will remain in the red.

An uninspiring set of manufacturing data from key markets is expected to keep Singapore’s Purchasing Managers’ Index (PMI) in the red for August.

Consensus forecasts expect Singapore’s overall manufacturing and electronics PMIs to dip to 49.4 and 49.0, compared to 49.7 and 49.5 in July.

“Judging from the recent outcome of the PMIs in key markets, such pessimism seems justified. And honestly, signs of weakness on the external front and correspondingly on the manufacturing sector have already surfaced for a while,” DBS said in a report.

According to DBS, manufacturers are becoming more pessimistic as the increase in inventory and stocks of finished goods indexes have been met by decline in all the production and new orders indexes.

“Latest China official PMI registered 49.7, down from 50.0. PMIs in other key regional economies are also falling. Moreover, the PMI is ultimately a sentiment gauge of the purchasing managers within the manufacturing sector. And sentiments do swing. In this instance, manufacturers have obviously become more bearish,” DBS said.

Also Read

Singapore ranks second in global economic freedom

Economists forecast modest NODX growth for Singapore in 2024

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit