Economic Buzz: Singapore Services Sector PMI At 58.0 In July

3 Aug 2022 , 12:20 PM

The private sector in Singapore continued to expand in July, and at a faster pace, the latest survey from S&P Global showed, with a PMI score of 58.0. Thats up from 57.5 in June and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. Sector improvement was primarily underpinned by sustained expansions in output and new orders, with rates of growth accelerating from June in both cases. Continued improvements in underlying demand conditions reportedly led to faster growth in buying activity, an increase in pre-production inventories and an accumulation of backlogged work. July data indicated a sharp expansion in output within Singapores private sector and at a rate which was among the highest on record. In line with production, volumes of new orders expanded at the second-fastest rate on record.Powered by Commodity Insights