FX.co ★ Singapore Private Sector Growth at 3-Month High

In July 2025, the S&P Global Singapore PMI climbed to 52.7, rebounding from a four-month low witnessed in June, and marking the sixth straight month of growth in the private sector. This surge signals the most robust expansion since April, primarily fueled by significant increases in both output and new orders, which indicate bolstered demand conditions. Consequently, companies have increased their staffing levels for the first time since last November. Despite this boost in employment, the backlog of work has grown at a notably faster pace than observed in June. Meanwhile, purchasing activity has declined for the second month in a row, even as new business sees a sharp increase. On the pricing front, input cost inflation has accelerated to a six-month high, driven by rising purchase prices and a renewed increase in average wages. Nonetheless, output prices have remained stable due to competitive market pressures, which have constrained firms' ability to transfer these higher costs to consumers. Lastly, business sentiment has reached a four-month peak.