The private sector in Singapore witnessed continued growth in September; however, the expansion was at a moderated pace, as indicated by the latest survey from S&P Global. The survey, released on Thursday, reported a Purchasing Managers' Index (PMI) of 56.6.
This figure marks a decline from August's 57.6, though it still comfortably surpasses the neutral threshold of 50, which demarcates expansion from contraction.
Business activity maintained its upward trajectory into September, supported by an increase in new business inflows. This growth was underpinned by improved demand conditions and effective business development strategies, as noted by survey respondents. Although the pace of growth in new business and overall activity slowed from August, it remained robust.
Sub-sector analysis highlighted that firms within the wholesale and retail sectors experienced the most significant increases in both new orders and business activities. The substantial influx of new business led to a further build-up of unfinished work in September. The rate at which this backlog accumulated was the highest recorded in eight months, partly due to supply constraints.
