Tuesday, March 5, 2013

Singapore's February PMI retreats back under 50

Singapore's purchasing managers' index (PMI) for February dipped to 49.4, reversing the expansion trend in January, the Singapore Institute of Purchasing and Materials Management (SIPMM) said on Tuesday.prepreg 

Before the better-than-expected figure of 50.2 in January,tyre equipments the city-state had suffered six months of contraction since last July. 

A reading above 50 in the PMI indicates an expansion in the manufacturing sector, whereas a reading below 50 suggests contraction. 

The institute said the contraction was mainly due to declines in new orders, production output and imports. However, the PMI for electronics sector reverted back above 50, reaching 52.Auto Accessories wholesalers1 in February.Vintage tubs 

Some economists said there is no need to concern over the drop, which was mainly attributed to the effect of Lunar New Year in February. "This is consistent with other economies that had a break for Chinese New Year. We saw a similar moderation in manufacturing activities in Taiwan,Antique bath fixtures we saw that in China as well," local media Channel NewsAsia quoted Song Seng Wun, regional economist at CIMB Research, as saying. 

However, the PMI for South Korea in February expanded at the strongest rate in nine months, registered at 50.9, up from 49.9 in January.

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