SINGAPORE, Sept 4 (Reuters) - Manufacturing activity in Singapore contracted for a second consecutive month in August as new orders declined further, in line with slo ing output across Asia as demand weakens in Europe, United States and China.
Employment also shrank for the 14th straight month in the city-state, the latest Purchasing Manager's Index (PMI) showed on Tuesday, underscoring the weakness in the manufacturing sector.
Singapore's trade-reliant economy shrank 0.7 percent in the second quarter over the previous one on an annualised and seasonally adjusted basis and analysts have raised the prospect of a technical recession if external demand remained weak. Full story
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