Another month of improving business conditions across the Arab world’s three biggest economies isn’t translating into job gains just yet.
Employment continued to fall in Saudi Arabia, the United Arab Emirates and Egypt despite a stronger pickup in non-oil private sector activity in July, according to Purchasing Managers’ Index surveys compiled by IHS Markit.
Saudi Arabia’s PMI reached a five-month high of 50, the threshold that divides expansion from contraction, a report showed on Wednesday. IHS Markit’s gauge for Egypt came the closest to the neutral mark in 12 months. The UAE had a second straight monthly improvement in business conditions.
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