Singapore’s S&P Global PMI eased to 56.7 in May 2026 from April’s near four-year high of 57.9. Still, the latest result marked the 16th straight month of expansion in private sector activity, with output growth accelerating to a three-month high. Meanwhile, new orders rose at the second-strongest pace on record despite cooling from April, underscoring resilient demand. Employment fell for a second month on cuts to temporary staff and voluntary exits, even as firms lifted purchasing at a record pace, with some stockpiling ahead of demand. On prices, input cost inflation hit a survey high, driven by supplier price hikes, rising fuel and transport costs, and a record surge in wages. Purchase cost inflation stayed elevated, its third-highest on record, but firms were less aggressive in passing costs on, with output charge inflation easing to a four-month low though still steep. Finally, business sentiment remained positive but softened from April’s elevated level.