The private sector in Singapore continued to expand in May, and at a faster rate, the latest survey from S&P Global revealed on Friday with a record high PMI score of 59.4.
That's up from 56.7 in April, and it moves further above the boom-or-bust line of 50.
Record demand growth, spurred by the easing of COVID-19 restrictions in Singapore, drove an acceleration in the rate of expansion in business activity in May. Sub-sector data indicated that firms in the consumer services sector saw the strongest growth of new orders. Foreign demand likewise rose and at amongst the fastest rates on record.
Higher volumes of new orders also led to an increase in buying levels in May. Anecdotal evidence suggested that private sector firms also increased their purchasing activity for future demand and to build buffer stocks. As a result, inventory levels rose for the first time in ten months.
