SINGAPORE, May 6 (Xinhua) — Singapore’s private sector expanded at a faster pace in April, with the headline seasonally adjusted S&P Global Singapore Purchasing Managers’ Index (PMI) rising to 57.9 from 56.7 in March, S&P Global Market Intelligence said on Wednesday, reported Xinhua.
The latest reading signalled the second-strongest improvement in business conditions since July 2022, surpassed only by February’s figure, according to the statement.
Growth momentum strengthened at the start of the second quarter, driven by a record inflow of new business.
“The Singaporean private sector gained speed in April, with stronger growth in output and a record influx of new business,” said Eleanor Dennison, economist at S&P Global Market Intelligence.
According to her, April’s demand injection meant that input requirements rose sharply, triggering a record increase in buying activity.
However, she noted that elevated inflationary pressures prompted firms to cut costs, leading to a decline in employment.
The headcounts fell at the steepest pace in nearly a year, partly reflecting a pullback after strong hiring in the previous two months and reduced reliance on temporary workers, she added.
“The modest fall in headcounts failed to dampen business sentiment at Singaporean firms as growth expectations were their brightest on record,” she said.
