Singapore PMI in August loses further momentum
TOKYO â" Singapore's private sector economy grew at a subdued pace in August, due to slower rises in both output and new orders.
The Nikkei Singapore Purchasing Managers' Index, or PMI, fell to 51.1 in August from 53.0 in July, signaling the weakest pace of improvement since the middle of 2017.
A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.
Export sales declined again and purchasing activity fell sharply, leading to depletion in input inventories.
The decline in exports âreflected softer global trade conditions,â said Bernard Aw, principal economist at IHS Markit, which compiles the survey.
âImproved business confidence suggests that the current slowdown in economic growth could be temporary,â Aw said.
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