(RTTNews) - The private sector in Singapore continued to expand in March, albeit at a slower rate, the latest survey from S&P Global revealed on Wednesday, with a PMI score of 55.7.
That's down from 56.8 in February, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.
Demand conditions further improved in March with incoming new orders for Singaporean goods and services rising for a fifteenth straight month and at the fastest pace since May 2023. This led to private sector output expanding at the joint-fastest pace since October 2022. Companies in the wholesale & retail sector reported the fastest increases in both new orders and output among the monitored segments.
An accumulation of incomplete work was also observed in March and at a substantial pace as incoming new orders rose at a more pronounced rate than output. In turn, firms continued to expand their workforce capacity to cope with rising workloads.
