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Financial News: Singapore Manufacturing Contraction Continues On Weaker De

Singapore Manufacturing Contraction Continues On Weaker Demand, Price Pressures

01/03/2023 - 09:57:00 (RTTNews)

(RTTNews) - Singapore's manufacturing sector remained in contraction for the fourth successive month in December, as output, new orders and inventory all fell at faster rates amid slowing electronic demand and price pressures, results of the latest purchasing managers' survey by the Singapore Institute of Purchasing and Materials Management, or SIPMM, showed Tuesday.

The purchasing managers' index for the factory sector dropped marginally to 49.7 in December from 49.8 in November. A reading below 50 suggests contraction in the sector.

After 22 consecutive months of expansion, the employment index has slowed down marginally.

The electronics sector PMI also fell to 48.9 in December from 49.2 in the previous month.

"Global uncertainties from geopolitical developments as well as the macroeconomic risks of high inflation and volatile energy prices continue unabated into the new year," Sophia Poh, vice president for industry engagement & development at SIPMM, said.

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