Strongest Saudi Non-Oil Pickup in Years Can't Break Jobless Funk - Bloomberg:
The wait for new jobs in Saudi Arabia drags on even though its non-oil economy hasn’t felt better in years.
While business conditions in the kingdom’s non-oil private sector improved last month at the fastest pace since August 2015, employment gains were slower compared with September and average staff pay even showed a “marginal fall,” according to IHS Markit.
By contrast, IHS Markit’s Purchasing Managers’ Index for the neighboring United Arab Emirates was unchanged at its lowest level in almost a decade, but employment actually rose for the second consecutive month in October.
The wait for new jobs in Saudi Arabia drags on even though its non-oil economy hasn’t felt better in years.
While business conditions in the kingdom’s non-oil private sector improved last month at the fastest pace since August 2015, employment gains were slower compared with September and average staff pay even showed a “marginal fall,” according to IHS Markit.
By contrast, IHS Markit’s Purchasing Managers’ Index for the neighboring United Arab Emirates was unchanged at its lowest level in almost a decade, but employment actually rose for the second consecutive month in October.
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