UAE private-sector growth slows in August as employment slumps: PMI | Reuters:
Expansion of the United Arab Emirates’ non-oil private sector slowed to a five-month low in August as total employment shrank for the first time on record, a survey of companies showed on Tuesday.
The seasonally adjusted Emirates NBD UAE Purchasing Managers’ Index, which covers manufacturing and services, fell to 55.0 last month from 55.8 in July. A reading above 50 indicates expansion and below that level, contraction.
Output growth accelerated to 63.1 from 61.9, but growth in new orders slowed to a 20-month low of 57.1 from 60.6. The reading for employment sank to 49.0 from 50.2, falling below 50 for the first time since the survey was launched in August 2009.
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