UAE: Non-oil private-sector conditions improve robustly in May
The S&P Global Purchasing Managers’ Index (PMI) cooled to a three-month low of 55.5 in May, down from April’s 56.6. As such, the index moved closer to, but remained comfortably above, the 50.0 no-change threshold, signaling a continued improvement in non-oil private sector operating conditions from the prior month.
May’s mild easing came on the back of softer new business growth, following April’s 17-month high. More positively, employment levels rose at the second-fastest pace in nearly seven years. With regard to prices, selling charges were reduced once again, albeit at a slower pace than in the prior month, in a bid to attract customers amid strong competition. Lastly, sentiment regarding activity in the coming year rose to its highest since late 2021.