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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
SingaporeSingapore Retail Sales MoM held to 0.9% in July 2026
FMPMonthlyReleased September 2026
Singapore Retail Sales MoM held to 0.9% in July 2026, released September 2026. The reading missed the 1.4% consensus by 0.5%. The print is running well above the 12-month average of 0.4%. Over the past 3 months, Retail Sales MoM averaged -0.65%, vs -0.03% in the prior 3-month window. The reading is in the 67th percentile of the trailing 24-month range.
Latest Release
0.9
Actual
1.4
Consensus
0.9
Previous
Median Absolute Error
±1.63 percentage points
across last 12 releases
Last Call
Sep 2026
Predicted: 1.17
Actual: 0.9
Error: +0.27
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| S&P 500 | ▼ Inverse | −0.41 | INDEX | Moves against | → View |
| Nikkei 225 | ▲ Direct | +0.36 | INDEX | Moves with | → View |
| XAU/USD | ▲ Direct | +0.36 | COMMODITIES | Moves with | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Retail Sales MoM (Singapore) was reported at 0.9% in September 2026. This missed the market consensus of 1.4% by 0.5%. The reading was unchanged from the previous release. Trailing 12-month context per ETL data through September 2026. Over the past 12 months, the indicator has averaged 0.2%, ranging from -5.4% to 6.1% across 10 releases.
WHY IT MATTERS
The trailing three releases averaged -0.13%, down from the prior three at 0.33%. Volatility over the past year (σ 2.84%) is higher than the prior year (σ 2.15%). In September readings over the past 3 years, Retail Sales MoM has averaged 2.7%.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with S&P 500 (Bearish S&P 500). A secondary relationship exists with Nikkei 225, positively correlated (Bullish Nikkei 225). Over the last 12 releases, the Sigmacast model's median absolute error is 1.63%.
WHAT TO WATCH NEXT
The next release is scheduled for October 2, 2026.
Auto-generated from current model state · Refreshes on each release · Last update September 2026.
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Retail Sales MoM - SG
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About Retail Sales MoM — Singapore
DEFINITION
Retail Sales MoM (Month-over-Month) is a key economic indicator that measures the change in the total value of goods and services sold by retail stores in a given month compared to the previous month. This indicator provides valuable insights into consumer spending patterns and overall economic growth, making it a crucial tool for investors, businesses, and policymakers. A positive MoM growth in retail sales indicates a strong consumer demand, while a negative growth may signal a slowdown in economic activity. Retail Sales MoM is widely used to assess the health of the retail sector and its impact on the broader economy.
WHY THIS INDICATOR MATTERS
Consumer activity accounts for the majority of GDP in advanced economies, making spending data a key cyclical signal for retail and discretionary sectors. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Jul 2026): actual 0.9 %, consensus 1.4 %. Prior reading (Jun 2026): 1 %. Before that (May 2026): -2.3 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a higher reading versus the latest print, with the 3-month outlook diverging from that direction. The 1-month and 3-month horizons disagree, suggesting a mixed signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with S&P 500 (Bearish S&P 500, r=-0.41) — a useful reference for index-focused traders.
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EXPECTED ZONE
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Economic Calendar - SG Events
| Thursday, September 17, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 00:30 | SG | Balance of Trade | 10.724 | 11 | 10.29 | Low | |
| 00:30 | SG | Non-Oil Exports YoY | 24.2 | 35 | 39.20 | Low | |
| 02:30 | SG | Unemployment Rate | 2 | 2 | 2.00 | Low | |