The non-oil private sector in the United Arab Emirates (UAE) expanded at a steady pace in June, helped by a sharp increase in new orders, data from a survey by Markit Economics and HSBC Bank showed Tuesday.
The purchasing managers' index (PMI) for the non-oil private sector came in at 53.2 in June, indicating marked improvement in operating conditions. The latest figure was, however, slightly lower than May's 11-month high of 53.8. A PMI reading above 50 indicates expansion in the sector, while one below suggests decrease.
New orders received by private sector firms increased significantly in June, supported mainly by marketing and advertising initiatives. Reflecting the order growth, companies increased their production notably, though the rate of growth eased to a three-month low.
Firms raised their workforces at the fastest rate since last July, marking the sixteenth consecutive monthly increase. Input prices increased at the slowest rate in five-months during the month, while output prices advanced marginally.
by RTT Staff Writer
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