The Purchasing Managers' Index (PMI) continued to rise in October
UAE private sector records strongest employment growth since 2016
UAE companies are looking to increase production inputs.
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The non-oil private sector in the UAE rose again, last October, to grow at a pace approaching the highest level in three years recorded in August 2022, while the employment rate increased at the fastest rate in six years, according to the latest data issued by the “Standard & Poor’s Global Managers Index.” Purchases".
The adjusted index, in light of seasonal factors, rose to 56.6 points during the past month from 56.1 points in September 2022, which was the highest level since June 2019, except for August, when it grew at a slightly faster pace.
The production sub-index, which measures business activity, rose to 62.8 in October from 61.7 in September, well above the average since 2009 of 57.7.
The sub-employment index also rose to 52 in October from 51.4 in September, which was the fastest pace of job creation since July 2016.
"The upward trend has driven high expectations in terms of business activity and new orders, providing more evidence that local businesses are not just bearing the brunt," said David Owen, an economist at Standard & Poor's Global Market Intelligence, which conducted the survey. global economic turmoil, but also achieve strong growth in demand.”
Owen added in a statement issued yesterday, that "the main movements in October were notable on the production capacity side, with companies responding to the increase in backlog by increasing the number of workers at the fastest pace."
He continued, "Companies are looking to increase production inputs while preparing work schedules to address the backlog, which leads to a rapid increase in purchasing activity, which recorded the fastest pace in more than three years."
• The production sub-index has far exceeded the average recorded since 2009.
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