SINGAPORE, Nov. 5 (Xinhua) -- Business conditions in Singapore's private sector improved further at the start of the fourth quarter, with the seasonally adjusted Purchasing Managers' Index (PMI) climbing to 57.4 in October from 56.4 in September, according to a report released Wednesday by S&P Global.
A PMI reading above 50 indicates expansion, while one below 50 signals contraction. The latest figure marks the ninth consecutive month of growth and the rate of growth since August 2024, the report noted.
"Demand conditions remained robust, spurring job creation and contributing to growth of purchasing activity and inventory levels," said Jingyi Pan, economics associate director at S&P Global Market Intelligence.
Forward-looking indicators point to "the likelihood of continued activity growth in the coming months," Pan added, noting that anecdotal evidence showed "companies are now more hopeful that internal growth plans may help to mitigate any challenges for growth."
Meanwhile, in a separate report, the Singapore Institute of Purchasing and Materials Management said Monday that the country's manufacturing PMI edged down 0.1 point from September to 50 in October, indicating a slight pullback in factory activity.
