Singapore Private Sector Expands Further

2026-09-03 00:48 By Judith Sib-at 1 min. read

Singapore’s S&P Global PMI edged up to 59.4 in August 2026 from 59.2 in July, signaling the most notable improvement in business conditions since May 2022.

The upturn was driven mainly by a sharp increase in new orders, which offset a moderation in output growth to a 12-month low.

Stronger inflows of new work led firms to increase capacity and input requirements.

Hiring activity picked up sharply, the strongest recorded since February.

Still, firms struggled to keep pace with mounting workloads, as evidenced by a steep rise in backlogged orders.

Buying activity expanded further, while supplier lead times lengthened at a less severe pace than in July despite ongoing supply-chain disruptions.

On prices, both purchase prices and employment costs continued to rise at elevated rates in August.

Lastly, business confidence rose to its highest in four months amid upbeat projections for demand.

Manufacturers expressed the strongest optimism, while services firms were the least confident.



News Stream
Singapore Private Sector Expands Further
Singapore’s S&P Global PMI edged up to 59.4 in August 2026 from 59.2 in July, signaling the most notable improvement in business conditions since May 2022. The upturn was driven mainly by a sharp increase in new orders, which offset a moderation in output growth to a 12-month low. Stronger inflows of new work led firms to increase capacity and input requirements. Hiring activity picked up sharply, the strongest recorded since February. Still, firms struggled to keep pace with mounting workloads, as evidenced by a steep rise in backlogged orders. Buying activity expanded further, while supplier lead times lengthened at a less severe pace than in July despite ongoing supply-chain disruptions. On prices, both purchase prices and employment costs continued to rise at elevated rates in August. Lastly, business confidence rose to its highest in four months amid upbeat projections for demand. Manufacturers expressed the strongest optimism, while services firms were the least confident.
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Singapore Private Sector Growth Hits 5-Month High
Singapore’s S&P Global PMI climbed to 59.2 in July 2026 from 57.4 in June, marking the strongest expansion since February as output and new orders continued to grow at elevated rates. In response, firms increased workforce levels for a second consecutive month, while purchasing activity rose at the second-fastest pace on record, behind only June's peak. Hiring was partly due to persistent capacity pressures, as reflected in the continued accumulation of backlogs. Meanwhile, average supplier lead times lengthened for the first time since February due to customs-related issues and disruptions to shipping routes and port operations. On the pricing front, input costs rose sharply, driven mainly by higher purchasing and labor costs. However, output price inflation eased to its lowest level since January. Looking ahead, Singaporean firms remained optimistic about their output over the coming year.
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Singapore’s S&P Global PMI rose to 57.4 in June 2026 from 56.7 in May, signaling another notable improvement in operating conditions. The expansion was primarily driven by sustained growth in new orders, supported by strong domestic demand, although output growth slowed to a 10-month low. The gap between output and new orders led to a significant increase in backlogs of work, which encouraged firms to expand their workforce, ending a two-month period of job shedding. Companies also increased their purchasing activity, allowing them to build up input inventories, resulting in a similarly sharp rise in pre-production stocks. In addition, vendors continued to keep pace with demand, as reflected in a third consecutive monthly improvement in suppliers’ delivery times. Meanwhile, overall cost inflation reached a new survey high, as stronger wage growth more than offset a slowdown in purchase price inflation. Finally, business confidence for the next 12 months improved noticeably.
2026-07-03