SINGAPORE (ICIS)--Singapore’s manufacturing purchasing managers’ index (PMI) rose to an almost eight-year high of 52.6 in October, up from 52.0 in September, supported by the non-electronics sector and faster rate of expansion in most key indicators, industry data showed on Friday.
The PMI is a barometer of an economy's manufacturing performance, with a reading of 50 and above indicating expansion.
“This is another record high for the PMI reading since December 2009,” the Singapore Institute of Purchasing & Materials Management (SIPMM) said in a statement.
The manufacturing sector has now recorded its 14th month of consecutive expansion, it said.
The new orders sub-index rose to 53.7 in October from 53.1 in September, while the new exports sub-index was up 0.2 points at 52.9 last month, SIPMM said.
“The manufacturing expansion was broad-based across most sectors and this indicates the strength of the manufacturing economy,” it added.