UAE non-oil personal sector maintains robust progress in September – PMI By Reuters

DUBAI (Reuters) – The United Arab Emirates’ non-oil personal sector maintained brisk exercise progress in September, albeit at a barely slower tempo than August, as new enterprise drove good points in output and employment, a survey confirmed on Wednesday.

The seasonally adjusted S&P International (NYSE:) UAE Buying Managers’ Index (PMI) fell to 56.1 in September from 56.7 in August, which was a 38-month excessive and remained nicely above the collection common since 2009 of 54.2.

Regardless of the slight fall within the index, it “was nonetheless indicative of one other robust tempo of enchancment within the non-oil financial system,” wrote David Owen, economist at survey compiler S&P International Market Intelligence.

“At a time of heightened world recession dangers, these findings recommend that home companies are protecting nicely away from financial storms in different areas, helped by above-trend charges of progress in output and new enterprise because the nation continues to get well from the pandemic.”

The output sub-index that measures enterprise exercise fell to 61.7 in September from 64.5 in August, which was its highest since June 2019.

Employment fell marginally to 51.4 in September from 51.5 in August, the sub-index’s strongest studying since August 2021.

“Low value pressures are additionally serving to to drive progress, with September information pointing to a different month the place inflation had quickly come off the boil because the first half of the 12 months,” Owen wrote.

“Regardless of enter prices rising (after dropping in August), they did solely barely, as downward actions for a swathe of commodity costs helped to ease the burden on companies’ procurement budgets. Subsequently, enter buying elevated on the quickest charge for over three years, serving to to spice up inventories and supporting each greater new orders and stronger output expectations for the following 12 months.”

Expectations for output over the following 12 months rose significantly in September to the sub-index’s highest studying since June.