The private sector in Singapore continued to contract in October, albeit at a slower pace, the latest survey from Markit Economic showed on Wednesday with a nine-month high seasonally adjusted PMI score of 48.6.
That’s up from 45.1 in September, although it remains beneath the boom- or-bust line of 50 that separates expansion from contraction.
Individually, output returned to growth and demand weakened at a slower pace. Business sentiment remained positive.
With sales still declining, albeit at a slower pace, firms continued to face with spare capacity, as reflected by a further decline in backlogs of work. This in turn weighed on hiring as companies sought to control costs.
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