Private sector activity in Singapore continued to contract in May, and at a steeper rate, the latest survey from IHS Markit revealed on Wednesday with a PMI score of 27.1.
That’s down from 28.1 in April, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
Individually, output and demand plummeted as businesses remained shuttered.
Business confidence fell to a record low as spare capacity grew while firms reduced employment.
Cost pressures eased substantially during May as a result of government subsidies and businesses’ efforts to reduce expenses.
The material has been provided by InstaForex Company – www.instaforex.com