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Financial News: Singapore Business PMI Continues To Tumble In May

Singapore Business PMI Continues To Tumble In May - IHS Markit

06/02/2020 - 20:46:00 (RTTNews)

(RTTNews) - Private sector activity in Singapore continued to contract in May, and at a steeper rate, the latest survey from IHS Markit revealed on Wednesday with a PMI score of 27.1.

That's down from 28.1 in April, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

Individually, output and demand plummeted as businesses remained shuttered.

Business confidence fell to a record low as spare capacity grew while firms reduced employment.

Cost pressures eased substantially during May as a result of government subsidies and businesses' efforts to reduce expenses.

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