Singapore Private Sector Growth Eases In March

(RTTNews) - Singapore's private sector growth moderated in March amid slower rises in output and new orders along with inflationary pressures, survey figures from S&P Global showed on Monday.

The purchasing managers' index dropped to 56.7 in March from 59.2 in February. Nonetheless, a reading above 50.0 indicates expansion in the sector.

The growth rate in output and new orders moderated to their weakest since January and last December, respectively. Although the employment growth remained strong, the rate of job creation was slower than in February as the accumulation in backlogs was less marked.

On the price front, input price inflation accelerated to a survey record high in March, linked to higher costs for fuel, foodstuffs, utilities, rent, transportation, raw materials, shipping, and airfares. Consequently, selling price inflation remained sharp.