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Nikkei Singapore PMI shows further improvement in business conditions
THERE has been further improvement in overall operating conditions faced by Singapore's private-sector companies, according to the Nikkei Singapore Purchasing Managers' Index (PMI).
The headline PMI clocked 51.4 in September, up from 50.8 in August. Readings above 50 signal an improvement in business conditions from the previous month, while readings below 50 show a worsening.
Markit, the financial information services provider which compiles the index, said: "Output continued to increase solidly, amid reports of new projects, product launches and promotional activities, while staffing numbers also rose over the month. Total new work was unchanged for the second month running, however, while new work from overseas rose only slightly. Input costs meanwhile rose at the fastest rate since February, and companies generally passed this on to clients in the form of higher selling prices."
The Nikkei Singapore PMI covers a wider range of sectors and more companies than an existing PMI compiled by the Singapore Institute of Purchasing & Materials Management (SIPMM). The latter covers only the manufacturing sector.
SIPMM's PMI showed a reading of 48.6 in September, contracting for the third month in a row.