Electronics Rebound Imminent?

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Singapore's electronics Purchasing Managers' Index (PMI) rose to its highest level in three-and-a-half years with a reading of 55 in June, up from 52.9 in the preceding month. The PMI is a leading indicator of manufacturing activity and a reading above 50 indicates an expansion in manufacturing activity. Following two consecutive months of strong readings, a robust pickup in the electronics sector in the coming months appears imminent, putting the current economic recovery process on firmer ground. Meanwhile, the broader PMI came in at 51.1 in June, slightly lower than the 51.2 registered in May, but still above the critical 50 level.