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Financial News: Singapore Private Sector Growth Strongest Since June 2014

Singapore Private Sector Growth Strongest Since June 2014

11/03/2017 - 00:55:00 (RTTNews)

(RTTNews) - Singapore's private sector activity expanded at the quickest pace in nearly three-and-a-half years in October, driven by faster rises in output, new orders and employment, survey data from IHS Markit showed Friday.

The headline Nikkei Singapore Purchasing Managers' Index rose to 54.2 in October from 53.7 in September. Any reading above 50 indicates expansion in the sector.

Improving demand was a key driver behind increased business activity.

Faster growth in both output and new orders, particularly export sales, buoyed the sector in October. New orders grew at the fastest pace in almost four years.

This encouraged firms to raise their staffing numbers amid ongoing capacity constraints.

On the price front, input price inflation intensified October, led by sharp rise in wages, as well as higher paid prices for purchases.

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