Singapore PMI Ebbs In November - S&P Global

(RTTNews) - The private sector in Singapore continued to expand in November, albeit at a slower rate, the latest survey from S&P Global revealed on Wednesday with a services PMI core of 55.4.

That's down from 57.4 in October although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Business activity in Singapore rose at the fastest pace since October 2022, driven by higher new work inflows, according to panelists. New project launches and successful marketing efforts were often mentioned as factors driving greater new work inflows in November. Sub-sector data showed that the construction sector led the growth in activity.

To support ongoing activities, Singaporean companies hired both part-time and full-time employees, lifting employment levels for the third consecutive month. That said, even with greater workforce capacity, backlogs continued to accumulate and at the fastest pace in just over three years.