{"id":622335,"date":"2024-06-04T00:00:00","date_gmt":"2024-06-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/04\/%d9%8fthis-evening-non-oil-private-sector-at-its-highest-since-2021\/"},"modified":"2024-06-04T00:00:00","modified_gmt":"2024-06-04T00:00:00","slug":"%d9%8fthis-evening-non-oil-private-sector-at-its-highest-since-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/04\/%d9%8fthis-evening-non-oil-private-sector-at-its-highest-since-2021\/","title":{"rendered":"\u064fTHIS EVENING: Non-oil private sector at its highest since 2021"},"content":{"rendered":"

Good afternoon, ladies and gentlemen, and happy hump day. <\/strong>We have finally reached the midpoint of this hot week but the news shows no sign of cooling. <\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

Latest PMI numbers show non-oil private sector nearing growth<\/strong> levels: <\/strong>Egypt\u2019s non-oil private sector activity increased to its highest level in almost three years in May, with cooling inflation and rebounding demand pushing it to the verge of growth, the S&P Global\u2019s Egypt Purchasing Managers\u2019 Index (pdf<\/a>) showed. Improved foreign currency availability post-float has spurred \u201cgreater price stability and stronger confidence\u201d among firms, S&P Global Market Intelligence Economics Senior Economist David Owen said. <\/p>\n

The headline PMI rose to its highest level since August 2021 at 49.6<\/strong>, up from 47.4<\/a> in April and just shy of the 50 threshold that separates growth from contraction. The survey also showed business activity decreasing at its slowest rate since July 2023, with activity in services and construction registering an uptick. Confidence in the economy\u2019s 12-month outlook improved, alongside employment levels.<\/p>\n

Not all roses:<\/strong> While growth in services and construction augurs well for the economy as a whole, \u201congoing downturns in industries such as manufacturing and wholesale & retail show that the recovery is still lopsided and may take more time to spread across the economy,\u201d said Owen. Salaries also increased at one of the fastest rates in the previous three years, likely in response to cost-of-living pressures.<\/p>\n

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THE BIG STORY ABROAD<\/strong><\/p>\n

India is dominating international headlines today as its elections come to a close.<\/strong> Despite a landslide victory being projected in Prime Minister Narendra Modi\u2019s favor, early results are showing narrower outcomes. While the PM is set to keep his role in office, his government may lose its decade-long grip on voter majority. As the forecasted results slipped with Rahul Gandhi\u2019s centrist party leading congress seats, so did Indian equities, with the biggest loss in four years being reported. (NYT<\/a> | Reuters<\/a> | Bloomberg<\/a> | CNBC<\/a> | CNN<\/a>)<\/p>\n

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