United Arab Emirates (UAE)' non-oil private sector expanded at a faster rate in October, helped by a marked increase in new order intakes, data from a survey by Markit Economics and HSBC Bank showed Monday.
The seasonally adjusted purchasing managers' index (PMI) for the private sector advanced to 53.8 in October from 52.7 in September, indicating a stronger improvement in operating conditions. An index reading above 50 indicates expansion, while one below suggests contraction.
New orders in the sector increased notably during the month, reflecting greater demand, particularly in international markets. Private sector firms increased their workforces at the fastest rate in three months in October.
Production at private sector firms increased at the fastest pace in four months in October, driven mainly by a marked increase in new orders.
Input prices faced by private sector firms increased at a solid rate in October on higher purchase prices and staffing costs. The rate of output price inflation was slightly quicker than one month previously.
by RTT Staff Writer
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