Saudi Arabia: Non-oil PMI softens in July but remains well in positive territory
August 8, 2019
The Purchasing Managers’ Index (PMI), produced by IHS Markit, fell from June’s 57.4 to 56.6 in July and marked the lowest reading since February. Nevertheless, the index remained above the 50-point threshold that indicates expansion in business activity in the non-oil producing private sector.
July’s reading reflected weaker growth in output and new orders, while employment levels rose only marginally. Moreover, businesses’ outlook on future operating conditions continued to worsen in July. On the price front, input price pressures were mild, which coupled with strong competition kept output price pressures muted.
Author: Steven Burke, Economist