The latest data from S&P Global reveals a concerning trend for Singapore's manufacturing sector. The Purchasing Managers' Index (PMI) fell to 48.3 in September 2024, dropping below the critical 50-mark that separates expansion from contraction. This is a significant decline from the previous month's PMI of 50.9, recorded in August 2024. The data was updated on October 2, 2024.
This decrease signals that Singapore's manufacturing sector is facing headwinds, indicating a contraction in business activity. The decline in PMI suggests softer demand both domestically and internationally, potentially impacted by ongoing global economic uncertainties.
Analysts are closely monitoring these developments, as sustained contractions could have broader implications for Singapore's overall economic health. The manufacturing sector is a crucial component of the country's economy, and continued contraction could put additional pressure on policymakers to implement measures to support growth.
