Business activity in Dubai dropped for a second month in November as the coronavirus pandemic continued to weigh on demand.
The non-oil private sector economy in the Middle East’s business hub deteriorated last month to the lowest since May, according to IHS Markit. Its Purchasing Managers’ Index dipped to 49 from 49.9 in October, falling further below the 50 mark that separates growth from contraction.
Employment figures continued to stabilize after having dipped to the lowest on record earlier this year and the pace of job losses was the mildest seen in nine months, though a possible lapse in demand could lead to another setback for employment in the short-term, the report said.
“A renewed fall in output and slower sales growth were evident across the Dubai non-oil private sector in November, highlighting the possibility of a ‘double dip’ economic downturn from the pandemic,” said David Owen, an economist at IHS Markit.
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