Singapore Expansion Continues

Singapore’s manufacturing sector saw its 20th straight month of expansion in April, though the rate of growth has steadied over the last six months, according to figures out on Wednesday. April’s Purchasing Managers’ Index was 52.9, marginally down from 53 in March, with a reading of 50 and above indicating expansion, CNA reported. Based on a monthly poll of purchasing executives in over 150 industrial companies, the PMI is a leading indicator of economic activity. Since October 2017, the monthly reading has fluctuated between 52.6 and 53.1. The Singapore Institute of Purchasing and Materials Management, which compiles the data, attributed April’s marginally lower reading to a slower growth in new orders and new exports, and a slightly slower factory output. Expansion was supported by higher inventory and employment levels. Of the index’s indicators, inventory saw the fastest growth since July 2014, while finished goods stocks saw the fastest growth since February 2016. All other indicators also saw faster rates of expansion, with the exception of order backlog, which slowed to 50.7.