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Financial News: Singapore Private Sector Accelerates In February - Markit

Singapore Private Sector Accelerates In February - Markit

03/02/2021 - 19:42:00 (RTTNews)

(RTTNews) - The private sector in Singapore continued to expand in February, and at a faster pace, the latest survey from Markit Economics showed on Wednesday with a services PMI score of 54.9.

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

Individually, there was substantial growth in output and new order volumes, while purchasing activity accelerated to its strongest level since 2013. Sustained demand growth exerted further pressure on capacity.

To cater for the surge in demand, firms added to workforces for the first time in 18 months. Anecdotal evidence pointed to the addition of temporary and part-time workers, although the overall rate of job creation was only fractional.

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