Singapore’s S&P Global PMI fell to 58.1 in September 2026 from a record 59.4 in August, but still signaled another strong improvement in private-sector business conditions. Growth was supported by a marked rise in new orders, driven by robust demand, expanding customer bases and successful business development, which helped activity accelerate. Real estate and business services recorded the sharpest increases in both new orders and activity. Rising workloads prompted further hiring and purchasing, while firms also built inventories. However, supplier performance deteriorated sharply, with lead times lengthening at the fastest pace since early 2022. Cost pressures intensified, with input-price inflation reaching a survey record, prompting firms to raise output prices at one of the fastest rates on record. Despite these pressures, business confidence remained positive, supported by expectations of improving market conditions, new products and government initiatives.