The canary is still alive:Singapore September data points to strong 3Q GDP

Industrial production surprised on the upside in September, rising 14.6% y-o-y (HSBC: 11.0%,Bbg: 10.0%, Prior(u): 19.5%). On a seasonally adjusted month-on-month basis, manufacturingoutput fell 0.5%. The upward revision to August data (19.5% y-o-y from 19.1% previously)contributed to the weak sequential reading.。

    Electronics output expanded 33.2% y-o-y on the back of 46.2% growth in semiconductorproduction and 23.9% growth in computer peripherals. But electronics growth appears to havealready peaked in July in y-o-y terms, with a slowing m-o-m sa trend in August and September.。

    Biomedical saw slower growth of 8.0% y-o-y following August’s strong reading of 25.5%, whileprecision engineering, general manufacturing and chemicals saw faster expansion in September.Transport engineering continues to drag down manufacturing output.。

    The seasonally adjusted overall unemployment rate improved to 2.1% in 3Q17, in line with ourforecast (HSBC: 2.1%, Bbg: 2.2%, Prior: 2.2%). The unemployment rate remained unchanged at3.1% among residents and declined among citizens from 3.3% in Q2to 3.2% in Q3on the back ofstrong employment in services sector.。

    Prices of private residential properties increased by 0.7% q-o-q in 3Q17(revised up from 0.5% inthe advance print), ending 15straight quarters of price declines since 2013. But the price still fell0.2% on a y-o-y basis. Rentals of private residential properties remained unchanged, comparedwith a 0.2% q-o-q decline in Q2.。