SINGAPORE, Feb. 5 (Xinhua) -- Business conditions in Singapore's private sector weakened for the first time in nearly two years, with the seasonally adjusted Purchasing Manager's Index (PMI) falling to 49.9 in January from 51.5 in December, according to an S&P Global report released on Wednesday.
A PMI reading above 50 indicates expansion, while a figure below 50 signals contraction. The report noted that January's reading was "only fractionally below the no-change value."
The downturn was driven by renewed declines in output and new orders, with businesses continuing to reduce their workforce. Business confidence also weakened.
On the price front, input costs remained elevated, though their rate of increase slowed. Selling prices followed a similar trend.
Sector-wise, business activity declined in wholesale and retail, finance and insurance, and construction, while manufacturing, consumer services, transport, information and communication, and real estate and business services saw growth.
Meanwhile, in a separate report, the Singapore Institute of Purchasing and Materials Management said on Monday that the country's manufacturing PMI edged down 0.2 points from December to 50.9 in January, marking 17 consecutive months of expansion. ■
