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Singapore's Aug. PMI signals manufacturing contraction

(Xinhua)

09:03, September 06, 2011

SINGAPORE, Sept. 5 (Xinhua) -- Singapore's purchasing managers' index (PMI) was at 49.4 in August, representing a marginal increase of 0.1 from the previous month, statistics released on Monday showed.

A PMI reading above 50 indicates an expansion in manufacturing activity, while a reading below 50 indicates a contraction.

The PMI was compiled by the Singapore Institute of Purchasing and Materials Management.

The contraction was due to a decline in new export orders. Production output, inventory, stockholdings of finished goods and employment continued to contract, the institute said.

The electronics sector also saw further contraction at 48, down 1.5 points from July.

"Uncertainties in the United States and Europe debt situation and the slowing growth in China and Japan have continued to dampen investment sentiments for our local manufacturers," said Janice Ong, executive director of the institute.

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