With the exception of August, which saw a slightly quicker rate, the Standard & Poor’s Global Index for the revised UAE purchasing managers increased to 56.6 in October from 56.1 in September due to seasonal factors, marking its highest level since June 2019.
“The upward trend led to tremendous expectations regarding the activities of new businesses and students, which offers additional proof that local businesses not only bore the burden of the upheaval in the global economy, but also accomplish growth Strong in order.
The sub-index of output, which gauges economic activity, increased from 61. 7 in September to 62. 8 in October, significantly exceeding the 57. 7 average recorded since 2009.
The majority of the changes in October were apparent on the production capacity side, with businesses responding to rising accumulated business by hiring new employees at the quickest rate, according to Owen.
He added, “Companies are also looking to increase production inputs with the preparation of work schedules to address accumulated business, which leads to a rapid increase in the purchase activity, which recorded the fastest pace in more than three years.
The sub-employment index increased from 51. 4 in September to 52. 0 in October, marking the quickest rate of job growth since July 2016.
Despite encouraging results, the poll respondents “continue to express a modest level of optimism” regarding production over the coming year, according to the research. A little under 14 percent of businesses anticipate more production in 2019.
UAE. The rate of hiring is increasing at the quickest rate in six years.
About Author
