Electronics PMI signals a turnaround for Singapore manufacturing

PMI sits at 50.8, up from 50.3 in the preceding month.

Singapore's October manufacturing purchasing managers' index (PMI) remained in expansion mode. Although the headline number dipped by 0.1 to 50, this was the second month of expansion for the sector. This may well be because of the improvement in electronics cluster. According to DBS Group Research, the said cluster is undergoing a healthy run, with its PMI recording a reading of 50.8 in October, up from 50.3 in September.

PMI sits at 50.8, up from 50.3 in the preceding month.

"Despite lower electronics prices, new orders, production and inventory stocks have all marched further northward. Indeed, this is consistent with the recent robust showing in electronics production," the brokerage firm stated.

More so, the electronics output expanded by 15.9% in September. For DBS, this could be the initial sign that US consumers are loosening their purse strings on the back of improvements in the labour market.

"Positive wealth effects from the run-up in China's property market may have also contributed to better electronics exports and production," DBS noted.

The firm furthered, "If the manufacturing sector can sustain the growth momentum for another one to two months, then it will be safe to assume that the worst may be behind us for the manufacturing sector."

However, DBS stressed that this will depend on global outlook, which is still dotted with pockets of risks.

"Time will tell, but the point to note is that the prospects for the manufacturing sector are turning brighter compared to a year ago," the firm concluded.

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