Factory activity in Singapore slumps for 3rd straight month
Factory activity here slumped further in September as few manufacturers felt confident enough about the global economy to ramp up production ahead of the Christmas season.
The Purchasing Managers' Index (PMI), a reflection of anticipated factory orders, fell to 48.7 last month, down from 49.1 in August, shrinking for a third straight month.
A reading above 50 signals expansion, while one below 50 indicates contraction.
The dip in the overall PMI came from a further decline in new orders and a first-time contraction in new export orders, said the Singapore Institute of Purchasing and Materials Management which compiles the index.