SINGAPORE, Feb. 2 (Xinhua) -- Singapore Institute of Purchasing and Materials Management (SIPMM) announced Tuesday that the January reading of the Singapore purchasing managers' index (PMI), an early indicator of manufacturing activity, increased 0.2 points from the previous month to post a higher expansion at 50.7.
This is the seventh straight month of expansion for Singapore's overall manufacturing sector. According to SIPMM, the January reading is the highest one since March 2019 when the reading was 50.8.
A PMI reading of 50 and above indicates expansion, while a reading below 50 indicates contraction.
Meanwhile, the PMI of Singapore's electronics industry posted a dip of 0.2 points from 51.2 to 51. This is the sixth straight month of expansion for the electronics industry.
Sophia Poh, vice-president for industry engagement and development at SIPMM, was quoted by the Straits Times as saying that the manufacturers are cautiously optimistic of a positive outlook for the year, but are also concerned about the resurgence of COVID-19 infections, and especially the counter-measures that are taken by affected countries in the region. Enditem
