Singapore PMI Rises

The manufacturing sector continued to power ahead in July on the back of a run of strong expansion. But the sector, which makes up a fifth of the economy and has been a key growth driver this year, has likely peaked and could see activity moderate in the coming months, economists say, Reuters reported. The purchasing managers’ index—an early indicator of manufacturing activity—logged its 11th straight month of expansion in July. The reading of 51 was up marginally from June’s 50.9, according to data out on Wednesday. July’s reading was lifted by improvements in new domestic and export orders, though a dip in employment in the sector, as well as lower inventory levels weighed on the numbers. Meanwhile, the PMI for the electronics sector recorded a marginal increase to 52.2 from June’s 52.1. This was its 12th straight month of expansion. Strong global demand for electronics since the fourth quarter of 2016—in particular, semiconductors—has given Singapore’s manufacturing sector a shot in the arm.