PMI expands to 50.4 in May

It edged up by 0.1 point from April.

The Purchasing Managers' Index (PMI) expanded anew in May at 50.4, edging up by 0.1 point from the previous month, data from the Singapore Institute of Purchasing and Materials Management (SIPMM) showed.

May also marks the 23nd consecutive month of expansion of the PMI.

Whilst the PMI expanded overall, the electronics sector saw a decrease of 0.2 point from April, moderating to 50.5.

The SIPMM said the slowing down of the electronics industry could be a result of the "prolonged uncertainties arising from the Russia-Ukraine conflict and rising supply costs."

"Global demand had also weakened due to the massive lockdowns in China and a slowing growth in the EU," the SIPMM added.