Private sector [business][1] conditions in Singapore continued to worsen in August, and at a faster rate, the latest survey from IHS Markit revealed on Thursday with a PMI score of 43.6.
That’s down from 45.6 in July and it moves farther beneath the boom-or- bust line of 50 that separates expansion from contraction.
Individually, there was a renewed decline in output, while order book volumes declined at a faster rate and job shedding continued to persist.
The overall weakening sales trend contributed to a development of unused capacity, as reflected by a renewed fall in backlogs of work during August.
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