PMI expands to 57.3 in September; employment growth at 18-month high
The headline seasonally adjusted Saudi purchasing manager’s index (PMI) rose to 57.3 in September, from 57.0 in August. The index was the highest in three months and indicated a sustained improvement in growth momentum. Output across the non-oil private sector rose sharply and the most since Dec 2017, buoyed by stronger underlying demand conditions according to reports from surveyed businesses. In contrast with the picture for output, inflows of new business increased at the slowest pace in nine months. However, the rate of expansion was still sharp. The rate of growth of new export orders, meanwhile, quickened from August and was solid. The non-oil private sector jobs market improved markedly during September. The rate of job creation was the fastest in 18 months.