World : Singapore Private Sector PMI Eases To 58.1 In September

Singapore's private sector Purchasing Manager's Index (PMI) declined to 58.1 in September, falling from a record high of 59.4 in August, but remained a clear indication of robust business expansion, according to S&P Global Market Intelligence. The index, which is seasonally adjusted, signifies a significant improvement in private-sector activity, concluding a strong third quarter for the Singapore economy, S&P Global Market Intelligence announced.

September's PMI data showed that demand was strong, leading to a substantial rise in business activity, bringing to a close a positive third quarter for the economy, Jingyi Pan, an economics associate director at S&P Global Market Intelligence, explained. Businesses were generally confident that production would continue to rise in the short term, providing a positive signal for future growth, she added.

Despite a notable increase in average purchase costs and wages, companies continued to boost their purchases and hiring levels. However, continued growth in business activity, coupled with worsening vendor performance due to supply and shipping constraints, could keep inflation elevated in Singapore, Pan warned.