Financial News: Singapore Private Sector Picks Up Steam In May

Singapore Private Sector Picks Up Steam In May - S&P Global

06/04/2024 - 20:39:00 (RTTNews)

(RTTNews) - The private sector in Singapore continued to expand in May, and at a faster rate, the latest survey from S&P Global revealed on Wednesday with a PMI score of 54.2.

That's up from 52.6 in April and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Output growth accelerated in its seventeenth successive month of expansion, supported by greater new work inflows. The rate of activity growth was steep, with manufacturing firms reporting the fastest output expansion among the monitored segments.

New business also increased at a more pronounced in May. Anecdotal evidence pointed to improvements in underlying demand conditions and business development efforts driving the rise in new work intakes. The marked rise in new business led to a spillover into backlogged work, which accumulated at the fastest pace in four months.

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