Singapore private sector PMI eases to 58.1 in September

SINGAPORE, Oct. 5 (Xinhua) -- Singapore's private sector Purchasing Manager's Index (PMI) eased to 58.1 in September from a survey record of 59.4 in August, but continued to signal a strong expansion in business conditions, S&P Global Market Intelligence said on Monday.

Photo taken on Aug. 10, 2022 shows the city skyline in Singapore. (File photo: Xinhua)

The latest seasonally adjusted S&P Global Singapore PMI reading marked another substantial improvement in private-sector activity, rounding off a strong third quarter for the Singapore economy, S&P said in a statement.

"September's PMI data revealed that demand remained robust, which drove another sharp rise in business activity to round off a positive third quarter for the Singapore economy," said Jingyi Pan, economics associate director at S&P Global Market Intelligence.

Businesses remained broadly confident that output would continue to increase in the near term, providing a positive signal for growth, she said.

Companies also continued to increase their purchases and staffing levels despite marked increases in average purchase costs and wages.

However, continued expansion in business activity, alongside a further deterioration in vendor performance caused by supply and shipping constraints, could keep inflation elevated in Singapore, Pan said.