SINGAPORE, Oct. 3 (Xinhua) -- Business conditions in Singapore's private sector recorded "the sharpest improvement" in a year in September, with the seasonally adjusted Purchasing Managers' Index (PMI) rising to 56.4 from 51.2 in August, according to a report released Friday by S&P Global.
A PMI reading above 50 signals expansion, while a reading below 50 indicates contraction. The latest figure marks the eighth consecutive month of growth, the report noted.
While widespread U.S. tariffs slowed growth in August, demand rebounded strongly in September, said Jingyi Pan, economics associate director at S&P Global Market Intelligence.
Stronger new business not only fueled higher activity, but also supported renewed growth in employment, purchasing, and inventory levels, Pan added.
"Forward-looking indicators, including new orders, backlogs of work, and future output indices, further point to continued growth into the start of the fourth quarter, which bodes well for the end of the year. However, the sharp intensification of price pressures in September will have to be monitored for any impact on sales," Pan said.
Meanwhile, in a separate report, the Singapore Institute of Purchasing and Materials Management said Thursday that the country's manufacturing PMI rose by 0.1 point to 50.1 in September, edging into expansion. ■