20.7 C
New York
Thursday, June 24, 2021

Dubai non-oil private sector growth slows in August: PMI

Must read

RBI prescribes dividend ceilings for NBFCs

​These guidelines follow draft norms issued by the central bank in December 2020.

Rite Aids Plunges As Revenue Growth Underwhelms

Stock Markets6 minutes ago (Jun 24, 2021 11:37AM ET) (C) Reuters. By Dhirendra Tripathi Investing.com - Rite Aid (NYSE:RAD) slumped 14% Thursday as 2.2% growth in...

U.S. Justice Dept urges states to help prevent evictions during COVID-19 pandemic

Coronavirus6 minutes ago (Jun 24, 2021 11:36AM ET) (C) Reuters. FILE PHOTO: Protesters surround the LA Superior Court to prevent an upcoming wave of evictions...

Senators brief top Republican on infrastructure deal ahead of Biden meeting

Economy7 minutes ago (Jun 24, 2021 11:36AM ET) (C) Reuters. U.S. President Joe Biden delivers remarks after a roundtable discussion with advisors on steps to...
imageEconomic Indicators20 minutes ago (Sep 09, 2020 03:30AM ET)

(C) Reuters. People are seen in front of Burj Khalifa, the world tallest building, in Dubai

DUBAI (Reuters) – Dubai’s non-oil private sector expanded marginally in August, its second straight month of growth, though at a slower pace than in July, while weak demand led to a sixth month of job cuts, a survey showed on Wednesday.

The seasonally adjusted IHS Markit Dubai Purchasing Managers’ Index (PMI) fell to 50.9 in August from 51.7 in July, slightly above the mark that separates growth from contraction.

In June the index was at 50.0, emerging from three consecutive months of contraction.

“Dubai’s non-oil economy saw a disappointing slowdown in growth in August, as the PMI fell for the first time since April,” said David Owen, economist at survey complier IHS Markit.

“Firms have not seen a full-scale uplift in demand to pre-pandemic levels and many commented that market conditions remained strongly depressed.”

The Middle East’s trade and tourism hub relies on foreign visitors and shoppers for a large chunk of revenue and was hit hard by virus containment measures.

Output expanded for the third consecutive month in August, though at the slowest pace in that period, falling to 52.7 from 56.1 in July.

Employment contracted for the sixth straight month and was largely in line with the average in that period, falling to 46.0 in August from 46.8 in July, as companies cut jobs and employee costs.

“Business optimism weakened, with some firms expecting activity to improve but others citing that the unpredictability of the recovery could lead to business closures,” Owen said.

The non-oil private sector in the United Arab Emirates – of which Dubai is a part – contracted in August for the first time since May, hit by record job cuts that reversed the growth of the previous two months as coronavirus restrictions were lifted.

Dubai non-oil private sector growth slows in August: PMI

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

- Advertisement -

Latest article

RBI prescribes dividend ceilings for NBFCs

​These guidelines follow draft norms issued by the central bank in December 2020.

Rite Aids Plunges As Revenue Growth Underwhelms

Stock Markets6 minutes ago (Jun 24, 2021 11:37AM ET) (C) Reuters. By Dhirendra Tripathi Investing.com - Rite Aid (NYSE:RAD) slumped 14% Thursday as 2.2% growth in...

U.S. Justice Dept urges states to help prevent evictions during COVID-19 pandemic

Coronavirus6 minutes ago (Jun 24, 2021 11:36AM ET) (C) Reuters. FILE PHOTO: Protesters surround the LA Superior Court to prevent an upcoming wave of evictions...

Senators brief top Republican on infrastructure deal ahead of Biden meeting

Economy7 minutes ago (Jun 24, 2021 11:36AM ET) (C) Reuters. U.S. President Joe Biden delivers remarks after a roundtable discussion with advisors on steps to...

Denmark stocks higher at close of trade; OMX Copenhagen 20 up 0.97%

Stock Markets8 minutes ago (Jun 24, 2021 11:35AM ET) (C) Reuters. Denmark stocks higher at close of trade; OMX Copenhagen 20 up 0.97% Investing.com - Denmark...