シンガポール - コンポジットPMI

The IHS Markit Singapore PMI climbed to 50.4 in November 2019 from 47.4 in the previous month, ending three straight months of contraction in private sector activities. New orders rebounded from October's relatively sharp contraction, while new export orders declined by the most in seven years, due to political troubles and economic fragility in key export markets. In addition, output contracted and employment levels were unchanged despite the increase in capacity pressures. On the price front, output charges rose at the fastest pace since last December. Looking ahead, business confidence dropped to a 32-month low, amid uncertainty and concern of weaker domestic and global economic conditions weighed on sentiment.

The IHS Markit Singapore PMI dropped to 47.4 in October 2019 from 48.3 in September. This was the third straight month of contraction in private sector activities and the lowest figure on record. A stronger slowdown in demand conditions led businesses to reduce output at the sharpest rate since data collection began over seven years ago, while employment also dropped as firms were cautious towards the outlook and looked to cut costs. In addition, reduced export sales was evidenced, amid sluggish global growth, particularly in Asia. On the price front, input costs inflation was solid and accelerated to a six-month high, while firms discounted their output charges in an attempt to drive up sales. The rate of deflation was mild, but the strongest for over two years. Lastly, sentiment was subdued amid expectations of prolonged economic weakness.

The IHS Markit Singapore PMI fell to 48.3 in September 2019 from 48.7 in August, signalling the sharpest rate of contraction in more than seven years, amid global economic uncertainty and sluggish demand. Output and new orders declined at near survey-record rates, while employment was reduced at the sharpest pace in almost four years. Weak demand was attributed to local and export markets during September. Some firms noted that the protests in Hong Kong has disrupted inflows of work from abroad. On the price front, overall input prices increased, albeit modestly. Lastly, business confidence reached a four-month high.

The IHS Markit Singapore PMI fell to 48.7 in August 2019 from 51.0 in July, signalling the sharpest rate of contraction in seven years, amid global economic uncertainty and sluggish demand. New orders declined at the fastest rate since April 2016, while export demand eased for the second time in four months amid lower sales to clients in Europe, China and Hong Kong. At the same time, employment growth slowed for a second successive month, while purchasing activity and inventories were reduced. On a positive note, input cost inflation slowed to a slight pace in August amid a fall in labour expenses, while output charges were lifted for a sixth successive month, albeit only modestly. Lastly, business optimism was among the weakest seen over the past two-and-a-half years.

The IHS Markit Singapore PMI rose to 51.0 in July 2019 from a four-month low of 50.6 in the previous month. Both output and new orders advanced at faster rates and export sales grew for the second straight month. Meanwhile, employment growth slowed for a third successive month as panellists suggested that weak demand and subdued business conditions had weighed on recruitment. At the same time, backlogs of works rose at the slowest rate in four months. In terms of inflation, overall input costs rose moderately, prompting firms to increase their charges in an attempt to support profit margins. Looking ahead, sentiment turned less positive, with optimism at its lowest since March 2017, amid prospects of sluggish demand and a fragile domestic economy.

The Nikkei Singapore PMI declined to 50.6 in June 2019 from 52.1 in May. Growth was hampered by softer rises in output, new business and employment. This was despite new export sales returning to expansion following May's notable fall. Also, buying activity was reduced for the sixth straight month. On the price front, prices paid for purchased items increased at a quicker rate, but labour expenses rose less, pulling overall input price inflation lower. Output charges continued to rise, but discounts were offered by some firms to stimulate demand, reducing the overall rise in selling prices. Looking ahead, business confidence slid to its lowest since March 2017.