The S&P Global Singapore PMI slipped to 51.0 in June 2025 from 51.5 in May, marking a four-month low while still signaling a fifth consecutive month of private sector expansion. Business conditions continued to improve, though at a slower pace, as firms cut back on staffing and inventory levels. Notably, supplier delivery times shortened for the first time in nearly two years - a sign of easing supply constraints. On a more positive note, output growth remained in line with historical trends, and new business volumes picked up slightly. Easing cost pressures allowed firms to keep selling prices stable. Business sentiment also improved, reaching a three-month high, with firms expressing optimism that expansion plans and supportive government policies will help sustain growth over the coming year.