United Arab Emirates: PMI in March falls to lowest level in 17 months
April 6, 2015
The HSBC Purchasing Managers’ Index (PMI) fell from 58.1 in February to 56.3 in March, thus dropping to the lowest level in 17 months. Despite the drop, the PMI remains firmly entrenched above the 50-threshold that separates expansion from contraction in the non-oil producing private sector.
March’s figure mainly reflected slower expansion in output and new orders. In addition, jobs expanded at the slowest rate since March 2012. HSBC analysts added that, “the rates of expansion eased for the second month running and were below those seen through much of last year. As a result, workforce numbers rose at the slowest pace in three years.”
Author: Dirina Mançellari, Senior Economist