In brief
The S&P Global Singapore PMI slipped to 56.7 in October from 58.1 in September, marking a five‑month low for the private sector. Commercial activity is still expanding at a solid pace thanks to strong demand, though input costs are rising. Forward‑looking indicators remain supportive of near‑term growth.
On Wednesday, Singapore’s latest Purchasing Managers' Index slipped to a five‑month low of 56.7 in October, a decline from 58.1 in September, according to data released by S&P Global.
The composite indicator, which measures private‑sector performance, remains above the 50 threshold that separates growth from contraction, marking the 21st consecutive month of expanding activity.
S&P Global said business conditions continued to improve at a robust pace at the start of the fourth quarter, despite the slowdown in the rate of growth.
"Business conditions continued to improve at a robust pace at the start of the fourth quarter," the firm’s statement read, underscoring a sustained demand backdrop.
Jingyi Pan, economics associate director at S&P Global Market Intelligence, said the surge in demand underpinned a rise in employment and purchasing activity during the month.
"Strong demand underpinned growth in employment and purchasing activity during the month," said Jingyi Pan.
Pan also noted that input costs and output prices kept climbing, though inflation rates eased from September’s levels.
"Overall input costs and output prices continued to rise, although inflation rates eased from September's levels," she added.
Forward‑looking indicators, such as new orders, work backlogs and future output indices, all signaled continued business activity growth in the near term.
