FX.co ★ Singapore Private Sector Expands Further

Singapore’s S&P Global PMI inched up to 59.4 in August 2026 from 59.2 in July, marking the strongest expansion since May 2022. The improvement was driven primarily by faster growth in new orders, which offset a softer rise in output that eased to a 12‑month low. Stronger inflows of new work led to higher capacity utilization and greater input requirements. Hiring accelerated sharply, registering the fastest increase since February. Even so, firms struggled to keep up with the expanding workloads, as reflected in a pronounced rise in outstanding backlogs. Purchasing activity also strengthened. Supplier delivery times continued to lengthen amid persistent supply-chain disruptions, though the delays were less severe than in July. On the cost side, both purchase prices and labor costs again rose at elevated rates in August. Finally, business confidence climbed to a four‑month high, supported by optimistic expectations for future demand.