Singapore's private economy expands for 15 consecutive months-Xinhua

Singapore's private economy expands for 15 consecutive months

Source: Xinhua

Editor: huaxia

2024-06-05 12:03:00

SINGAPORE, June 5 (Xinhua) -- The seasonally adjusted S&P Global Singapore Purchasing Managers' Index (PMI) posted 54.2 in May, up from 52.6 in April, marking continued improvement in private business conditions for 15 straight months, the S&P Global said Wednesday.

The rate of improvement was solid and above the long-run trend, it added.

Output growth accelerated in its 17th successive month of expansion, supported by greater new work inflows. Meanwhile, suppliers' delivery time lengthened for 10 straight months due to labor and shipping constraints.

Average input prices continued to rise in the Singaporean private sector due to higher purchase prices and staff costs. However, the rate of input cost inflation eased to a six-month low, attributed mainly to lower purchase cost growth.

Sentiment in Singapore's private sector remained positive last month. The confidence level has risen to the highest since last October, with firms in the consumer services sector being the most upbeat, S&P Global noted.

A PMI reading of 50 and above indicates expansion, while a reading below 50 indicates contraction.