Financial News: Singapore Private Sector Picks Up Steam In July

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

08/04/2024 - 21:35:00 (RTTNews)

(RTTNews) - The private sector in Singapore continued to expand in July, and at a faster pace, the latest survey from S&P Global revealed on Monday with a PMI score of 57.2.

That's up from 55.2 in June, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Business activity expanded at the fastest pace in 21 months amidst an acceleration in new business growth. Improvements in underlying demand conditions and effective business development strategies supported the quickest expansion in new business inflows in almost two years. Sub-sector data revealed that the transport, information and communication sector recorded the fastest upticks in both output and new sales.

The acceleration in new orders growth resulted in an accumulation of backlogged work in July. The level of outstanding business rose at a marked pace, which led to businesses raising their workforce capacity at the most pronounced pace since February. Staff on both full- and part-time bases were hired according to anecdotal evidence.

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