The latest S&P Global Purchasing Managers' Index data shows that the expansion of Singapore's private sector has slowed down by the end of 2024. In December, Singapore's overall Purchasing Managers' Index decreased from 53.9 in November to 51.5, marking the slowest expansion rate since July 2023. Jingyi Pan, Deputy Director of Economic Intelligence at S&P Global Market Intelligence, stated that the growth of new business and output in Singapore has significantly slowed. Despite increased confidence, companies are reluctant to raise procurement activity and inventory levels, and have laid off employees for the first time since April. Pan added that on the positive side, the optimism regarding Singapore's production growth in 2025 has improved, and inflation in selling prices has eased, which should support sales. Pan emphasized that it is important for the more optimistic sentiment to translate into higher employment and Consumer spending.