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Dubai, December 7, 2015 | 10:15 | Dubai
The UAE’s non-oil private sector expansion strengthened in November, having eased to a two-and-a-half year low during October. The UAE’s Purchasing Managers’ Index (PMI) recovered slightly from the two-and-a-half year low of 54.0 recorded in October, rising to 54.5 in November, says the monthly survey of business conditions in the UAE non-oil private sector sponsored by Emirates NBD and produced by Markit.
Business conditions improved solidly, with the highlight being a marked and sharper rise in output.
New business and employment also increased, although growth in the former was the weakest since April 2012. Meanwhile, companies saw their pricing power diminish in November. Input costs rose further, but competitive pressures meant that charges fell regardless. Non-oil private sector employment in the UAE continued to rise in November, thereby extending the current sequence of hiring to 47 months, says the survey. The rate of job creation was the quickest since July, with firms reportedly taking on extra staff in preparation for the start-up of new projects. Backlogs of work also increased, albeit only marginally.