Singapore PMI falls to 51.4 in May
TOKYO -- The Nikkei Singapore Purchasing Managers' Index, or PMI, fell to 51.4 in May from 52.6 in April.
A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction. The latest figure shows the country's business activities grew at a slower pace than the previous month.
In May, most additional hiring was for temporary staff, according to IHS Markit, which compiles the survey. There were also reports of layoffs.
Bernard Aw, an economist at IHS Markit said "Latest survey data raised concerns that Singapore's economic growth may decelerate in the second quarter, which added to the view that the Singapore's Ministry of Trade and Industry is right to be cautious about uncertainties and downside risks to growth."
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