Saudi non-oil private sector gains momentum but no employment boost -PMI | ZAWYA MENA Edition:
Saudi Arabia's non-oil private sector gained momentum in November but this did not translate into a higher rate of job creation, a survey showed on Tuesday.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) rose to 58.3 in November, up from 57.8 in October and the highest in over four years. Any reading above 50 indicates expansion.
The increase in the headline figure was underpinned by an uptick in new order growth, with around 45% of the surveyed businesses recording a rise in order books.
Output growth declined to the slowest in four months, however, and job creation remained subdued.
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