Singapore private sector posts 58.1 PMI in September

Input costs hit a survey record as supplier performance deteriorated sharply.

Singapore's private sector expanded at a strong pace in September 2026, with new orders rising sharply and business activity accelerating, even as input cost inflation climbed to the highest level in the survey's history, according to S&P Global.

The S&P Global Singapore Purchasing Managers' Index, which measures the overall health and activity of the private sector by tracking new orders, output, employment, supplier delivery times and prices, posted 58.1 in September.

Any reading above 50 indicates expansion.

September figure fell from August's all-time survey record of 59.4 but remained well above the neutral point, signalling strong and broad-based growth across the private sector.

Real estate and business services recorded the sharpest increases in both new orders and output amongst all sectors surveyed. The accumulation of outstanding workloads prompted firms to increase hiring, with job growth remaining sharp despite easing from August's pace.

Purchasing activity also rose as firms bought additional inputs in response to higher new business and for safety stock building.

Input cost inflation reached a survey record in September, driven by higher purchase prices, shipping costs, fuel and input material prices alongside steep wage increases.

Supplier performance deteriorated to the most pronounced extent since early 2022, with lead times lengthening as respondents cited international shipment delays and constraints in supply and labour.

Firms raised output prices in response, with output price inflation similarly elevated by historical standards.

Jingyi Pan, Economics Associate Director at S&P Global Market Intelligence, said demand remained robust and drove another sharp rise in business activity.

Pan said the continued expansion alongside the ongoing deterioration in vendor performance caused by supply and shipping constraints was likely to keep inflation elevated in Singapore.

Business confidence for the next 12 months remained positive, with firms citing improvements in market conditions, new product launches and government initiatives as expected drivers of sales growth.

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