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DUBAI (Reuters) – Activity in the non-oil private sector in the United Arab Emirates remained brisk in September, albeit at a slightly slower pace than in August, as new business boosted output and employment, a survey showed on Wednesday.
The seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) fell to 56.1 in September from 56.7 in August, the highest in 38 months and still well above the series average since 2009 54.2.
Although the index fell slightly, it “still points to another strong growth in the non-oil economy,” wrote David Irwin, an economist at survey compiler S&P Global Market Intelligence.
“At a time when the risk of a global recession has heightened, these findings suggest that domestic businesses are moving away from the rest of the economy, helped by above-trend growth in output and new business, as the country continues to recover from the pandemic. storm.”
The output sub-index measuring business activity fell to 61.7 in September from 64.5 in August, the highest level since June 2019.
Payrolls edged down to 51.4 in September from 51.5 in August, the strongest reading for the sub-index since August 2021.
“Low price pressures are also helping to boost growth, with September data showing another month of a rapid pullback in inflation since the first half of the year,” Irving wrote.
“While input costs rose (after falling in August), they rose only marginally, as lower commodity prices helped ease the burden on corporate procurement budgets. Input procurement then grew at the fastest pace in more than three years, Help build inventories and support higher new orders and stronger output expectations over the next 12 months.”
Expectations for output over the next 12 months rose sharply in September to the sub-index’s highest level since June.
(Reporting by Yousef Saba; Editing by Sam Holmes)
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