The S&P Global Singapore PMI rose to 52.7 in July 2025 from June’s four-month low, marking the sixth consecutive month of private sector expansion. The latest figure also represented the strongest growth in the private sector since April, driven mainly by a sharp increase in both output and new orders, reflecting strengthening demand conditions. In response, firms raised their staffing levels for the first time since last November. Despite the increase in headcounts, backlogs of work continued to accumulate at a pace noticeably faster than in June. Meanwhile, purchasing activity fell for the second consecutive month, even amid a sharp rise in new business. On the price front, input cost inflation accelerated to a six-month high due to higher purchase prices and a renewed rise in average wages. However, output prices remained stable as a competitive environment limited firms’ ability to pass on higher costs. Finally, business sentiment improved to a four-month high.