Singapore's private sector growth picked up in August 2024, with new business and activity expanding at the fastest pace in nearly two years. This led to increased purchasing and hiring during the month, as per the latest S&P Global PMI data. The S&P Global Singapore Purchasing Managers' Index (PMI) rose to 57.6 in August, up from 57.2 in July, marking the 18th consecutive month of improved business conditions in the private sector. The recent growth in the private sector was due to a surge in new business inflows in August. New orders and output increased at the fastest rates in 23 and 22 months, respectively, driven by improved demand and effective business development. The rising volume of new orders led to an accumulation of backlogged work, reaching a three-month high. To manage the capacity pressure, firms have hired additional staff. The real estate & business services sector saw the most significant growth in new business and activity. "The latest S&P Global Singapore PMI revealed that Singapore's private sector expansion remained robust in August, with the rate of expansion having accelerated for a fourth successive month to signal that the upturn continued midway through the third quarter of the year. Barring any sharp downturns in September, the latest whole economy PMI suggests that we will see a better third quarter GDP, which is in line with S&P Global Market Intelligence's forecast." Jingyi Pan, Economics Associate Director at S&P Global Market Intelligence, said. Attribution: S&P Global PMI report Subediting: Y.Yasser
