SINGAPORE, Sept. 3 (Xinhua) -- Singapore's private-sector business activity remained steady in August, with the seasonally adjusted S&P Global Singapore Purchasing Managers' Index (PMI) rising to 59.4, from 59.2 in July.
The latest PMI data pointed to a rapid improvement in business conditions, underpinned by a sharp increase in new orders, S&P Global said in a note on Thursday.
This improvement, however, counterbalanced a weaker upturn in output, with overall growth in activity slowing to a moderate pace that was the least marked in a year.
At the sector level, consumer services led the expansion, while finance and insurance remained a drag on overall growth.
Eleanor Dennison, economist at S&P Global Market Intelligence, said demand stability was a key driver of the improvement in business conditions across Singapore's private sector in the middle of the third quarter.
"Companies are confident that new business pipelines will support sustained growth over the coming year, with the survey's forward-looking indicator firmly in positive territory," she said.
Stronger demand also prompted companies to increase purchasing activity, which is likely to keep cost pressures elevated, she said. ■
