The private sector in Singapore picked up steam in September, the latest survey from Markit Economics revealed on Tuesday with a PMI score of 53.8.
That’s up from 52.1 in August, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
The easing of COVID-19 restrictions in August kept demand improving into September as both business activity and new orders sustained growth at faster rates in the latest survey. Underlying data pointed to the transport, information & communications technology sector experiencing the fastest growth in orders. This was also supported by foreign demand as overall export orders picked up at the fastest rate since April 2018.
That said, firms remained cautious with their buying activity which declined in September, contributing to lower levels of inputs held in stock. Despite the increase in overall demand, uncertainty with regards to the COVID-19 virus held private sector firms back in their stockpiling efforts.