PMI slips to 50.6 in February

It dipped by 0.1 points from January.

The Purchasing Managers' Index (PMI) remained in the expansionary territory in February at 50.6.

Compared to January, however, PMI slipped by 0.1 points.

The Singapore Institute of Purchasing and Materials Management (SIPMM) attributed the decline to a shorter month and the Lunar New Year holidays.

Meanwhile, UOB said several components of the PMI saw a pullback in February following strong improvements in January like new orders (Feb: 51.1, Jan: 51.3), new export orders (Feb: 51.3, Jan: 51.5) and order backlog (Feb: 50.9, Jan:51.1).

Electronics PMI also dipped in February, slipping by 0.2 points to 50.4, marking its fourth consecutive above-50 print.

Sub-indices in the electronics PMI, new orders (51.2 from 51.4), new export orders (50.7 from 50.9), and order backlog (50.5 from 50.8) saw moderation.

In 2024, UOB expects "base effects" to partly drive YoY recovery in industrial production.

UOB also expects sequential momentum to remain fundamentally weak in 1H24 as “external demand continues to be weighed down by tight financial conditions stemming from an elevated interest rate environment in the US/EU whilst ongoing stresses in the property sector in
China could dampen consumer and business sentiment.”

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