UAE non-oil enterprise exercise progress holds regular in November, PMI exhibits

ABU DHABI (Reuters) – Progress within the United Arab Emirates’ non-oil personal sector exercise held regular in November, whereas improved demand circumstances boosted progress in new enterprise, a survey confirmed on Friday.

The seasonally adjusted S&P International UAE Buying Managers’ Index edged as much as 54.2 in November from 54.1 in October, staying above the 50.0 mark denoting progress though the expansion fee stays slower than seen earlier this 12 months.

The brand new orders subindex rose to its highest stage since August, leaping to 58.0 in November from October’s 55.9, which was the slowest tempo of progress in new gross sales since September final 12 months.

“Companies continued to see a marked upturn in gross sales, which spurred exercise forwards but additionally vastly added to excellent work… The survey information indicated that companies did little to attempt to rectify these capability pressures,” David Owen, senior economist at S&P International Market Intelligence, stated.

“Regardless of the optimistic headline determine, the survey information signalled a level of uncertainty amongst companies about how lengthy this power will final.”

The enlargement in enterprise exercise remained sturdy regardless of a slowing within the fee of output progress in November to 59.6 from 61.3 the earlier month. The seasonally adjusted index nonetheless remained above its long-run common.

Nonetheless, UAE non-oil companies continued to build up quicker backlogs of excellent work in November, and the speed of job creation hit a 31-month low, with corporations’ confidence in future enterprise exercise remaining muted.