A very important factor is that of Singapore’s exports-imports in November 2019, and show us that its exports of electronic products have fallen by -23.3 compared to the previous year and as you can see in graph 1, this deceleration is all 2019.
Singapore is China’s top partner in imports and exports. But the most important data that we have to observe within this group is that of ICs (integrated circuits), which come to make the integrated circuits, which is the main component of manufacturing goods, especially that of cars and as shown in the graph , this data was down by -36.5 from the previous year. This results in a slowdown looming in this global manufacturing sector.
On the other hand, in chart 2, we have the Bank of Philadelphia Fed that show us a possible contraction for the next six months in nine U.S. states, the highest number since May 2009. These states would be: West Virginia, Pennsylvania, Delaware, Montana, Oklahoma, Vermont, New Jersey, Kentucky, Connecticut.