The headline seasonally adjusted purchasing manager’s index (PMI) rose fractionally, from 49.4 in August to 49.5 in September, but remained below the 50-mark threshold that separates expansion from contraction. The reading was nonetheless above the series average. A contributing factor to the below 50.0 PMI figure was a second successive monthly fall in output at Egyptian firms. The drop in output led to another rise in input inventories over the month, which allowed firms to keep purchasing activity broadly unchanged. On the demand side, total new business received by Egyptian non-oil companies declined for the second month running.