Monday, March 4, 2013

Singapore PMI for February drops below 50

Singapore's Purchasing Manager's Index fell to 49.4 in February from January's 50.2 reading, dropping below the vital 50-point level that indicates manufacturing growth for the seventh time in eight months, the Singapore Institute of Purchasing & Materials Management reported Monday.

In contrast, U.S. manufacturing activity grew at the strongest rate in 20 months and South Korea's February PMI was the best rate in nine months, according to the PMI formulated by HSBC and Markit.

"The dip in the overall PMI was attributed to lower levels in new orders and a first-time contraction in new export orders," said a SIPMM statement. "Whilst inventory and input prices continued to expand and posted higher readings, stockholdings of finished goods and employment reverted to contraction after having expanded in the previous month."

For more of the Reuters story: reuters.com

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