The private sector in Singapore continued to expand in November, albeit at a slower pace, the latest survey from S&P Global revealed on Monday with a PMI score of 56.2.
That’s down from 57.7 in October, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.
Private sector activity continued to expand at a robust pace midway into the final quarter of 2022 but saw the rate of expansion moderate from October’s high. Survey respondents remarked that virus-related disruptions underpinned the slowdown. Indeed, lead times lengthened at a substantial rate in November amid reports of COVID-19 related delays and manpower constraints.
Overall demand, including external demand, meanwhile remained a key driver behind the growth in activity but likewise saw the rate of expansion slow in November.