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Financial News: Singapore Private Sector Accelerates In April

Singapore Private Sector Accelerates In April

05/05/2022 - 20:40:00 (RTTNews)

(RTTNews) - The private sector in Singapore picked up steam in April, the latest survey from S&P Global revealed on Friday with a PMI score of 56.7.

That's up from 52.9 and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

This marked the seventeenth straight month in which the PMI printed above the neutral 50.0 threshold, signaling improving business conditions. The rate of growth was also the joint-fastest seen in nearly four years.

Demand and output both expanded at the fastest paces in nine months, supported by the easing of COVID-19 restrictions and as virus cases fell in the city. International demand likewise rose in April driven by the reopening of foreign economies.

As a result, workforce capacity expansion was renewed in April with employment levels climbing at the fastest rate since February 2018 to meet the increase in output requirements. Purchasing activity likewise expanded following two straight months of decline. That said, stocks of purchases continued to contract amid shipping delays reported by survey respondents.

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