Singapore Private Sector Slips Into Contraction - S&P Global

(RTTNews) - The private sector in Singapore fell into contraction territory in January, the latest survey from S&P Global revealed on Wednesday with a PMI score of 49.9.

That's down from 51.5 in December, and it falls beneath the boom-or-bust line of 50 that separates expansion from contraction.

Anecdotal evidence from panelists often linked weakness in January to the spread of COVID-19 in Singapore. This had a negative impact on new business and company operations. New business decreased for the first time in just over two years, albeit only marginally as resilient underlying demand limited the negative impact from the spread of illness.

Business activity decreased at the same pace as new orders, again bringing an end to a two-year sequence of expansion. Sector data showed that business activity decreased across the wholesale & retail, finance & insurance, and construction categories, but increased in manufacturing, consumer services, transport, information & communication and real estate & business services.