{"id":556007,"date":"2021-10-06T03:54:17","date_gmt":"2021-10-06T03:54:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/06\/jobs-and-business-confidence-are-up-but-the-the-pmi-is-at-a-four-month-low\/"},"modified":"2021-10-06T03:54:17","modified_gmt":"2021-10-06T03:54:17","slug":"jobs-and-business-confidence-are-up-but-the-the-pmi-is-at-a-four-month-low","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/06\/jobs-and-business-confidence-are-up-but-the-the-pmi-is-at-a-four-month-low\/","title":{"rendered":"Jobs and business confidence are up, but the the PMI is at a four-month low"},"content":{"rendered":"

<\/a> Private sector activity hits four-month low: <\/strong>Business activity in Egypt\u2019s non-oil private sector continued to contract for the tenth consecutive month in September, reaching a low not seen since May, according to the IHS Markit\u2019s Purchasing Managers\u2019 Index (<\/a>pdf<\/a>)<\/a>. The index dropped to 48.9 in September from 49.8 in August<\/a> \u2014 a four-month low from 48.6 in May<\/a>, all of which are below the 50 mark that separates contraction from expansion.<\/p>\n

Output, demand fall:<\/strong> Output and new orders dropped due to weaker customer demand in September, after rising the month prior. September also marked the first time sales to foreign customers saw a significant drop since March.<\/p>\n

It\u2019s hardly a disaster:<\/strong> \u201cWhile the latest PMI data pointed to non-oil output and new orders declining at the end of the third quarter, these reductions were only slight, while the two indices remained above their long-run averages for the fifth month in a row,\u201d said IHS Markit economist David Owen.<\/p>\n

Confidence at record high:<\/strong> Despite the slip in output and demand, Egyptian non-oil private sector firms reported a record level of confidence in upcoming business activity, with about 71% of respondents giving a positive forecast<\/strong>, indicating that firms are growing hopeful that the economy is the road to recover from the pandemic over the coming 12 months. \u201cThe rise coincided with a faster vaccination programme in Egypt and a further relaxation of travel measures that should aid tourism income in the fourth quarter,\u201d Owen said.<\/p>\n

Employment rose for the third successive month<\/strong>, despite the rate of job creation remaining mild with companies failing to find staff replacements.<\/p>\n

Supply chains continue to be an issue:<\/strong> \u201cWhile there was also further supply risk from lower inventory levels and raw material shortages, a record improvement in vendor performance suggests that firms may start to see procurement issues ease,\u201d Owen said.<\/p>\n

Firms were faced with a significant hike in prices<\/strong>, with the prices of raw materials rising and a renewed increase in staff costs.<\/p>\n

Poor PMI v strong economic growth shows the continued dominance of the public sector: <\/strong>The PMI figures don\u2019t reflect last year\u2019s 3% GDP growth and the 5% GDP growth forecasted this year<\/a> and that\u2019s largely due to Egypt\u2019s growth being driven by the government and public sector, Khatija Haque, Emirates Nbd, Chief Economist and Head of Research told Bloomberg<\/a>.<\/p>\n

The PMI figures got attention from foreign press: <\/strong>Reuters<\/a> | Bloomberg<\/a>.<\/p>\n

ELSEWHERE IN THE REGION- Saudi Arabia\u2019s <\/strong>PMI<\/a><\/strong>(pdf)<\/a><\/strong> saw a 4.5 point gain in September<\/strong>, its largest gain since the index started collecting data 12 years ago. The index is now at 58.6 in September, up from 54.1 in August, the strongest improvement in non-oil operating conditions since August 2015.<\/p>\n

Private sector activity in the UAE slowed slightly<\/strong>, recording a PMI<\/a>(pdf)<\/a> reading of 53.3 in September down from 53.8 the month prior. Despite the drop, expectations improved for the first time in three months with firms expecting an increase in activity due to Dubai Expo 2020 and an easing of pandemic restrictions.<\/p>\n","protected":false},"excerpt":{"rendered":"

Private sector activity hits four-month low: Business activity in Egypt\u2019s non-oil private sector continued to contract for the tenth consecutive month in September, reaching a low not seen since May, according to the IHS Markit\u2019s Purchasing Managers\u2019 Index (pdf). The index dropped to 48.9 in September from 49.8 in August \u2014 a four-month low from […]<\/p>\n","protected":false},"author":1,"featured_media":556008,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[104,928,72,185,219,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-employment","tag-enterpriseam","tag-pmi","tag-saudi-arabia","tag-uae","wpautop","entry"],"acf":{"mongo_id":"bbab5e06-2938-4efe-a43d-7db63773f9e5","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/10\/81.jpg","photo_position":"above","related_issue":[556003],"teaser":"","voice_url":""},"yoast_head":"\nJobs and business confidence are up, but the the PMI is at a four-month low - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/06\/jobs-and-business-confidence-are-up-but-the-the-pmi-is-at-a-four-month-low\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jobs and business confidence are up, but the the PMI is at a four-month low\" \/>\n<meta property=\"og:description\" content=\"Private sector activity hits four-month low: Business activity in Egypt\u2019s non-oil private sector continued to contract for the tenth consecutive month in September, reaching a low not seen since May, according to the IHS Markit\u2019s Purchasing Managers\u2019 Index (pdf). 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The gauge rose to 50.4 from 49.4 in August, indicating the first month of economic expansion\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/55.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548342,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/non-oil-business-activity-continues-to-fall-in-july-but-is-inflation-beginning-to-ease\/","url_meta":{"origin":556007,"position":3},"title":"Non-oil business activity continues to fall in July \u2014 but is inflation beginning to ease?","author":"enterpriseam admin","date":"4 August 2022","format":false,"excerpt":"Activity in Egypt\u2019s non-oil private sector continued to contract at a rapid pace in July as high inflation weighed on demand and output, according to the S&P Global purchasing managers\u2019 index (pdf). Business activity fell at a slightly slower pace during the month amid signs of softening inflation, though the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/144.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576986,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/06\/private-sector-activity-contracts-for-23rd-consecutive-month\/","url_meta":{"origin":556007,"position":4},"title":"Private sector activity contracts for 23rd consecutive month","author":"enterpriseam admin","date":"6 November 2022","format":false,"excerpt":"Activity in Egypt\u2019s non-oil private sector continued to contract in October, remaining effectively unchanged from the month before as inflation, supply disruptions, and falling demand abroad continued to weigh on businesses, according to S&P Global\u2019s purchasing managers\u2019 index (pdf). The PMI index registered 47.7 last month, climbing just 0.1 points\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/87.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565364,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/05\/private-sector-business-contracts-again-but-the-outlook-is-rosier\/","url_meta":{"origin":556007,"position":5},"title":"Private sector business contracts again, but the outlook is rosier","author":"enterpriseam admin","date":"5 April 2021","format":false,"excerpt":"Egypt\u2019s non-oil private sector continued to contract for the fourth consecutive month in March, but optimism reached new highs as the vaccine rollout picked up steam in recent weeks, according to IHS Markit purchasing managers\u2019 index (PMI) figures (pdf). The purchasing managers\u2019 index (PMI) gauge dropped to 48.0 last month,\u2026","rel":"","context":"In "SPEED ROUND: ECONOMY"","block_context":{"text":"SPEED ROUND: ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/333.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556007","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=556007"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556007\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/556003"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/556008"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=556007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=556007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=556007"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=556007"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=556007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}