Singapore Industrial Output Falls 1.3% in February

Singapore's manufacturing output fell by 1.3% year-on-year in February, marking the first contraction in eight months, contrary to economists' expectations of a 7% increase. The decline was largely driven by a 14.3% drop in biomedical manufacturing, particularly in pharmaceuticals. On a seasonally adjusted basis, manufacturing output also decreased by 7.5% compared to January. Despite this downturn, Singapore's job market shows resilience, with job postings remaining 50% higher than pre-pandemic levels, although overall postings have declined by 3.7%. Notably, sectors such as scientific research and public safety saw significant growth in job postings, while lower-skilled job categories faced more substantial declines. The demand for roles related to Generative AI has surged, reflecting Singapore's growing prominence in this field.