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SINGAPORE, July 4 (Xinhua) -- Singapore's manufacturing activity contracted for the 12th straight month in June, according to the latest data released by the Singapore Institute of Purchasing and Materials Management (SIPMM) on Monday.
The reading of Purchasing Managers' Index (PMI) in June came in at 49.6, a drop of 0.2 point from May's reading, said SIPMM. A reading below 50 indicates contraction in the manufacturing economy, while a reading above 50 indicates general expansion.
SIPMM said the decline in reading of PMI was due to a contraction in factory output, and a faster rate of contraction in both new orders and new exports. Manufacturing inventory and finished goods recorded faster rates of expansion, indicating stock accumulation by manufacturers.
Manufacturing makes up about one fifth of Singapore's economy. As the sector registered continuous contraction, employment in manufacturing remained bleak, added SIPMM. Enditem
