Factory output sustains growth in September

#BusinessWorldLive | Factory output rose for the sixth consecutive month in September due to further reopening of the economy, the Philippine Statistics Authority said. The volume of production index rose 124% year-on-year in September, weaker than the revised 533.6% growth in August. In the year to date, the PSA said factory output growth averaged 65.8%.

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Singapore retail sales up 6.6% in September, partly buoyed by new mobile phone launches

Singapore retail sales rose by a better-than-expected 6.6% in September 2021, helped partly by new mobile phone launches. This reversed the 2.8% decline in August. The Department of Statistics said total sales were estimated at $3.4 billion, still below pre-COVID-19 levels. Online retail made up an estimated of just over 15% of total sales. The F&B sector grew 4.4% compared to a year ago, with food caterers experiencing a 36.4% rise in business. But turnover of restaurants fell 5.2% due to dine-in restrictions.

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Agriculture big contributor to higher unemployment in September

#BusinessWorldLive | Security Bank chief economist Robert Dan Roces says the agricultural sector is a big contributor to the 8.9% unemployment rate for September. He notes tropical cyclones caused around 835,000 job losses for the sector.

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U.S. consumer spending rises solidly in September

U.S. consumer spending increased in September, but was partly flattered by higher prices, with inflation remaining hot as shortages of motor vehicles and other goods persisted amid global supply constraints.

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Singapore’s factory output falls 3.4% in September

A weaker biomedical cluster has dragged down Singapore’s September factory output by 3.4 per cent on-year. The drop also snapped 10 months of manufacturing growth. September’s performance slipped from August’s 11 per cent expansion.

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September budget gap widens to P181B; P1.1T YTD

#BusinessWorldLive | The national government’s deficit widened in September as spending outpaced a smaller increase in revenue collection, according to the Bureau of the Treasury. The fiscal gap expanded by 30% to P180.9 billion in September from P138.5 billion a year earlier, while government spending jumped by 17.5% to P412.4 billion in the same month.

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Singapore’s core inflation edges up to 1.2% in September

Inflation in Singapore is expected to increase steadily as the economy recovers in the months ahead. Authorities point to the rising costs of imports and labour, which will see core inflation for the year come in at the upper end of zero to one per cent. For September, core inflation rose quicker than expected to 1.2 per cent, driven by higher food prices. This is up from 1.1 per cent in August.

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PH expects to narrow budget deficit due to high tax collection as of September

#BusinessWorldLive | The Philippines is expected to narrow its budget deficit due to the high tax collections. Tax collections in September increased by 9.3% to P2.03 trillion from a year earlier, according to the Dept. of Finance.

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