More job cuts at UAE firms amid slow business environment: IHS Markit | ZAWYA MENA Edition:
Job opportunities in the UAE dwindled significantly in the beginning of the year, as companies shed jobs and business conditions in the non-oil private sector deteriorated for the first time in 10 years, the latest data showed.
Employment at businesses across the country fell at “one of the strongest rates on record” in January 2020, mainly due to cost-cutting strategies, according to IHS Markit in its latest Purchasing Managers’ Index (PMI), a composite indicator of the operating conditions in the private sector.
The reports produced by IHS Markit use indices to quantify the responses from businesses on different aspects, including output, new business and jobs or employment.
Overall, the seasonally adjusted PMI for the UAE dropped from 50.2 in December to 49.3 in January, falling below the crucial 50.0 no-change mark for the first time since August 2009.
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