Chart of the Day: Singapore industrial production

In case you’re confused about the figures, DBS provides enlightenment.

DBS Group Research said:

The consensus on February IP was that it was “disappointing”, “lacklustre”, and did not point to better external conditions. Sector-wise, headlines reported that electronics was the culprit, “down” as it was by 6% in year-on-year terms.

Ah, year-on-year terms. Here we go again. Yes, electronics was down by 6% compared to February of last year. But it jumped by 16% compared to January, seasonally adjusted, and is now a total of 25% off its November bottom (chart below). No evidence of a turnaround? Really? In 3 short months, electronics has recouped more than half of the drop it experienced in 2H11!