Singapore Private Sector Accelerates In August - S&P Global
2024-08-30
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(fxcue news) - The private sector in Singapore continued to expand in August, and at a faster pace, the latest survey from S&P Global revealed on Wednesday with a PMI score of 57.6.
That's up from 57.2 in July and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Central to the latest expansion of private sector activity was rising new business inflows in August. The rate at which new orders and output rose was the fastest in 23 and 22 months respectively, driven by improvements in underlying demand conditions and effective business development efforts.
Firms in the real estate & business services sector experienced the sharpest rise in both new business inflows and activity. Rising new work intakes led to a further accumulation of backlogged work in the Singaporean private sector, with the volume of unfinished business increasing at the fastest pace in three months. In turn, firms took on additional staff to cope with the build-up of capacity pressure.
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