Singapore's tech PMI disappointingly dipped to 50.3 in September

Blame it on weaker output.

According to CIMB, it has been a mixed performance for tech manufacturers so far this year.

After a surprisingly decent half-year (unchanged 51.3 in 1Q13 and 2Q13 vs. 47.2 in 4Q12), tech PMI slipped in 3Q13, dipping in two of the three months to an average 50.6.

Here's more from CIMB:

The Sep tech PMI reading is 50.3, having declined 1 pt, in line with our forecast but lower than consensus’s 51.0.

Blame this on weaker output (-1.8 pts), new orders (-2.3 pts) and backlog orders (-0.5 pt).

The fragile nature of the current tech recovery is reflected in the slight pullback in PMI readings.

Average new orders dipped 0.6 pt to 52.2 in 3Q13 (53.1 in 1Q13 and 52.8 in 2Q13) and backlog orders declined 0.5 pt to 52.8 in 3Q13 from 53.3 in 2Q13.

Given this, together with a slight dip in the orders-to-finished tech goods ratio of 1.09x vs. 1.10x in 2Q13 (1.07x in 2H12), it remains a fragile tech recovery.

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