Singapore PMI Rises Further

Factory activity rose for the fourth month in December, raising hopes of a manufacturing rebound after more than a year of contraction. The purchasing managers’ index, an early indicator of manufacturing activity, posted a reading of 50.6 last month—the highest in two years, up from November’s 50.2 reading. A reading below 50 indicates contraction, while one above 50 points to growth, Channel NewsAsia reported. The improved reading came on the back of higher factory output, inventory holding, new orders and exports, said the Singapore Institute of Purchasing and Materials Management, which compiles the PMI.