Singapore’s private sector activity expanded at the fastest pace in seven months in September, as output grew at a solid pace, survey figures from Markit Economics showed Monday.
The Nikkei Purchasing Managers’ Index, or PMI, rose to 51.4 in September from 50.8 in August. Any reading above 50 suggests expansion in the sector. Moreover, the pace of improvement was the strongest seen since February.
The growth in output accelerated slightly in September from August’s 4-month low, led by new projects, product launches and promotional activities.
New orders received by the private sector remained stagnant for the second successive month in September. Meanwhile, new export orders climbed for the second straight month.
Companies raised their payroll numbers in September after a fractional drop in the previous month. Backlogs of work meanwhile increased further in September, partly due to greater volumes of paperwork.
On the price front, input price inflation intensified to a seven-month high in September, drive by a a renewed rise in purchasing prices along with the fastest increase in staffing costs since last November.This forced firms to increase their selling prices during the month.
The material has been provided by InstaForex Company – www.instaforex.com