Singapore’s PMI remains solid

SINGAPORE, Nov. 5 (Xinhua) — The seasonally adjusted S&P Global Singapore Purchasing Managers’ Index (PMI) was 55.5 in October, marking a continued improvement in business conditions, the S&P Global said Tuesday.
Despite easing to a four-month low, PMI remained solid, it added.
Sharp new business growth drove faster output expansion and further backlog accumulation at the start of the final quarter of the year.
Singaporean businesses raised their staffing levels for a sixth straight month in October to cope with higher workloads.
The average input costs of Singapore’s private firms increased faster at the start of the fourth quarter due to growing purchasing prices and staff costs.
The rising cost burden also led selling prices to rise at the quickest pace since February.
Meanwhile, the level of business confidence was the second-highest in over three years, ranked behind August. Singaporean private sector was hopeful that better market conditions could drive sales in the year ahead.
A PMI reading of 50 and above indicates expansion, while a reading below 50 indicates contraction. ■