RIYADH: The employment growth in the UAE was at its highest since October 2016, as the Purchasing Managers’ Index hit 56.6, up from 56.1 in September, according to the latest data from S&P Global.
August saw a slightly higher PMI of 56.7, but S&P considers any readings above 50 as growth while those below 50 are marked as contraction.
The S&P Global report noted that non-oil business conditions in the UAE improved at a robust rate at the start of the fourth quarter, amid faster uplifts in both output and new orders.
“The upturn was led by sharp expansions in business activity and new orders, giving further evidence that domestic firms were not only weathering the global economic storms, but enjoying strong demand growth,” said David Owen, an economist at S&P Global Market Intelligence.
He added: “The key movements in October were seen on the capacity side, as businesses responded to rising backlogs by increasing their employment numbers at a faster rate.”