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Financial News: Singapore Private Sector Slows In April - S&P

Singapore Private Sector Slows In April - S&P Global

05/05/2024 - 22:52:00 (RTTNews)

(RTTNews) - The private sector in Singapore continued to expand in April, although at a slower pace, the latest survey from S&P Global revealed on Monday with a services PMI score of 52.6.

That's down from 55.7 in March, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

New orders continued to expand for a sixteenth straight month in April on the back of better underlying demand conditions. This supported sustained output growth at the start of the second quarter, with firms in the transport, information & communication sector seeing the fastest rise in activity.

Although the rates of new order and output growth both slowed to the softest in nine months, they remained solid and above their respective long-run averages. With new orders rising at a more pronounced pace than output, backlogs further accumulated in April. The rate of accumulation was solid even though it eased to the weakest in over a year.

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