Is the manufacturing rally coming to an end?

DBS' Singapore economists are saying so.

According to analysts from DBS Group Research, there are growing signs that the manufacturing rally could be coming to an end.

This came as readings for purchasing managers' index (PMI) in the US, China and Singapore, and recent non-oil domestic exports figures have all fallen in the latest April data set, with only the electronics cluster reporting a fairly resilient output.

"Even so, a high base comparison in 4Q16 means headline growth will dip towards the end of the year," the analysts said.

Meanwhile, the services sector is experiencing a two-speed recovery with financial and trade-related services expected to improve while recovery should be weaker for domestic services clusters such as retail and F&B.

However, economic growth remains positive given the 2.8% improvement expected for this year.

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