UAE's non-oil business growth slows in August but confidence high-PMI | Reuters
Growth in non-oil business activity in the United Arab Emirates eased in August to the slowest pace in six months, but business confidence rose to its highest since before the pandemic, a survey showed on Tuesday.
The seasonally adjusted S&P Global UAE Purchasing Managers' Index slowed to a reading of 55.0 in August from 56.0 in July. That was its lowest level since February, although it remained well above the 50.0 mark indicating growth in activity.
The output subindex indicated continued strong expansion in activity although it slowed to 61.9 in August from 62.8 the previous month and was the lowest since January.
David Owen, senior economist at S&P Global Market Intelligence said that while the improvement in operating conditions was sustained in August, momentum has waned since the four-year peak hit in June.
"That said, most PMI indicators continued to give positive signals, including uplifts in input purchases, inventory building, job creation and improving supply chain conditions," Owen said.
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