{"id":83109,"date":"2024-01-04T00:00:00","date_gmt":"2024-01-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/01\/04\/purchasing-managers-index-stable-in-december-as-private-sector-continues-to-grow\/"},"modified":"2024-01-04T00:00:00","modified_gmt":"2024-01-04T00:00:00","slug":"purchasing-managers-index-stable-in-december-as-private-sector-continues-to-grow","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/01\/04\/purchasing-managers-index-stable-in-december-as-private-sector-continues-to-grow\/","title":{"rendered":"Purchasing manager\u2019s index stable in December as private sector continues to grow"},"content":{"rendered":"

The non-oil economy remained solidly in growth territory in December<\/strong>: <\/strong>The headline PMI stayed basically flat from November at 57.5 last month, according to Riyad Bank Saudi Arabia PMI report (pdf)<\/a>. A PMI reading above the 50 mark indicates growing business activity.<\/p>\n

New orders hit a six-months high: <\/strong>New orders rose to 68.3 in December, the highest rate since June, up from 66.3 in the previous month, while output remained basically flat at 61. <\/p>\n

Higher input purchases to cover orders: <\/strong>The increase in purchasing inputs has directly influenced a rise in stock levels, the report adds, without providing further information.<\/p>\n

More jobs, but slower growth in employment: <\/strong>While more jobs were added on the market last month, employment levels grew at a slower pace than in November. Unemployment declined to 8.6% in 3Q 2023, down from 9.9% in 3Q 2022.<\/p>\n

Businesses saw serious gains with reduced supplier delivery times<\/strong>, marking the sharpest recorded time cut since the survey began 14 years ago, the report reads.<\/p>\n

The break-down of the index: <\/strong>The PMI is a weighted average of the following five indices: new orders (30%), output (25%), employment (20%), suppliers\u2019 delivery times (15%) and stocks of purchases (10%).<\/p>\n","protected":false},"excerpt":{"rendered":"

New orders rose to 68.3 in December, the highest rate since June<\/p>\n","protected":false},"author":1,"featured_media":83110,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[2571],"tags":[27,10,572,873],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-ksa","tag-private-sector","tag-purchasing-managers-index","wpautop","entry"],"acf":{"mongo_id":"82547102-1baf-403a-98bd-3fc4ada9532c","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/9\/5721.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi Arabia\u2019s purchasing manager\u2019s index was stable in December 2023","related_issue":[83104],"teaser":"New orders rose to 68.3 in December, the highest rate since June","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.7dc11bcc-94c9-4b17-8a4e-86029dbdb527.mp3"},"yoast_head":"\nPurchasing manager\u2019s index stable in December as private sector continues to grow - 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