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Singapore PMI down to 50.7 in June

Singapore PMI down to 50.7 in June

SINGAPORE: The Nikkei Singapore Purchasing Managers’ Index, or PMI, fell to 50.7 in June from 51.4 in May. A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction. The latest figure shows the country’s business activities grew at a slower pace than the previous month.

In June, growth in new business eased to the lowest in nearly a year, which was paired with stagnant overseas sales. “The average expansion seen in the second quarter of 2017 is slightly lower than that seen in the first quarter, indicating a slowing in the underlying pace of economic growth,” Bernard Aw, an economist at IHS Markit said. “Despite the slowdown in business activity expansion, confidence improved further at the end of the quarter. While encouraging, other forward-looking indicators such as the new orders and employment suggest that a pick-up in growth would be unlikely.”