The S&P Global Singapore PMI fell to 51.5 in May 2025 from 52.8 in April, marking the lowest reading since February while representing the fourth straight month of growth in private sector activity. New orders rose the least in four months, reportedly dampened by U.S. tariffs, and output growth softened but remained broadly in line with the long-run average. Employment shrank for the sixth consecutive month, leading to a further buildup in backlogged orders. Meantime, buying levels edged up slightly, but inventory levels fell for the first time since March amid shipment delays. On the cost front, input price inflation eased to its lowest level in nearly four years, driven by falling staff costs. Meanwhile, charge inflation remained marginal. Looking ahead, business sentiment deteriorated sharply, reaching its lowest point in nearly five years and turning negative for the first time since February 2023, amid mounting concerns over global geopolitical tensions and the economic outlook.