Singapore's PMI contracts for fifth straight month

Singapore's manufacturing sector contracted for a fifth straight month in November as orders continued to shrink, a survey showed on Monday, adding to evidence of a deepening global economic slowdown even as Europe's debt crisis reaches a critical stage.
The Purchasing Manager's Index (PMI) slipped to 48.7 points from October's 49.5, staying below the key 50-point level that indicates an increase in manufacturing activity, the Singapore Institute of Purchasing & Materials Management said on Monday. A separate PMI for the electronics sector fell to 50.9 from October's 52.1, but remained above the 50-point level for a second consecutive month.