UAE: Non-oil PMI falls in July
The S&P Global United Arab Emirates non-oil PMI fell to 53.7 in July from 54.6 in June. As a result, the index remained above the 50.0 no-change threshold, but signaled a softer improvement in non-oil private-sector operating conditions compared to the previous month.
July’s moderation resulted from business activity and sales growth slowing to near three-year and three-month lows, respectively. In addition, job creation softened to a six-month low. More positively, exports growth was the second-strongest in nine months.
Regarding prices, input costs rose at the fastest rate in two years, which was partially passed through to customers as output charges increased for the third consecutive month. Although firms remained optimistic about future economic conditions, the degree of confidence slipped to its weakest since January amid concerns over sustained competition and the ability to manage rising costs.