Saudi Arabia: Non-oil business activity picks up in October
The Riyad Bank non-oil Purchasing Managers’ Index (PMI) rose to 58.4 in October from September’s 57.2. Consequently, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in non-oil private-sector operating conditions compared to the previous month.
Firms hired workers at the fastest pace in nine years in October, pushing up the non-oil PMI in the process. This hiring came as output and new orders continued to strengthen, the latter the most since June. Demand may have been supported by firms cutting their output charges in the month, with reports suggesting that intense competition was reducing market share. Looking ahead, businesses remained optimistic about output a year ahead on the back of juicy demand prospects ahead.
Firms hired workers at the fastest pace in nine years in October, pushing up the non-oil PMI in the process. This hiring came as output and new orders continued to strengthen, the latter the most since June. Demand may have been supported by firms cutting their output charges in the month, with reports suggesting that intense competition was reducing market share. Looking ahead, businesses remained optimistic about output a year ahead on the back of juicy demand prospects ahead.