Singapore's manufacturing PMI falls to 51.9 in October

Singapore's manufacturing PMI falls to 51.9 in October

Singapore's manufacturing PMI falls to 51.9 in October

Economists polled by Reuters had forecast a reading of 49.9, just off the 50-mark that divides expansion from contraction. Responding to this, Irish manufacturers increased their selling prices, with the rate of charge inflation hitting a five month high.

"Aside from the demand-side impact of the SST, there were reports of general underlying market weakness hampering new business growth, which restricted the extent to which firms were passing through higher cost burdens to clients". This was better than expected and up from a six-month low of 52.1 in September, when activity was dampened by a fall in confidence.

The survey also showed input price pressures remained high for Chinese manufacturers, due to higher costs for raw materials like steel in particular.

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A combination of domestic and foreign orders fuelled the upturn in overall activity, although export orders displayed the slowest expansion since July whilst total new work rose at the sharpest pace since mid-year. After stagnating in September, new orders grew slightly in October despite the amount of new export business falling for the seventh month.

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"New contracts increased at only a modest pace, and firms were the least optimistic regarding the 12-month outlook for almost six years". According to the statement, the leaders made a decision to continue with the country's "proactive fiscal policy and prudent monetary policy" while again underscoring the need to "stabilise" employment, finance, trade, foreign capital, investment and expectations.

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The IHS Markit US Manufacturing PMI™ is compiled by IHS Markit from responses to questionnaires sent to purchasing managers in a panel of around 800 manufacturers. This followed robust gains over the previous three months that meant output was up 2.9% in the three months to August compared with the three months to May. This has slowed the Chinese economy and hurt manufacturers in the industrialised world.

The sub-indices on manufacturing production and new orders both declined at the fastest pace in more than three years, the PMI survey found. Production and business confidence continued to cool despite stable demand.

Private sector firms in all sectors account for 60 per cent of Chinese economic activity and 80 per cent of employment.

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Markets care about the data because it is an important indicator of momentum within the economy.

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