The private sector in Singapore continued to strengthen in January, and at a faster pace, the latest survey from S&P Global revealed on Tuesday with a services PMI score of 56.8.
That’s up from 54.1 in December and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Stronger demand, successful promotional events and positive responses to new product launches contributed to the fastest rise in new business in 16 months. This spurred an acceleration in output growth at the start of the year with detailed sector data showing the sharpest rise in activity in the real estate & business services sector.
Consequent of greater new work inflows, the level of outstanding business continued to increase in January. This was despite companies expanding their workforces at the quickest pace since last October.
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