Saudi non-oil business activity at 5-month high
Riyadh, July 3, 2014
Growth in Saudi Arabia's non-oil business activity rose to a five-month high in June, bolstered by strong growth in output and new orders, a survey showed on Thursday.
The seasonally adjusted SABB HSBC Saudi Arabia Purchasing Managers Index increased to 59.2 points last month from 57 points in May. Readings above 50 denote expansions in activity, while readings below that point to contractions.
The subindex for output came in at 64.9 points, a 26-month high, while the new orders subindex climbed to 66.9 points in June from 63.6 points reported in May. The increase in new export orders also accelerated.
Employment growth, with a subindex reading of 52.5 points, rose at the fastest pace since January, which was reflected in a faster pace of growth in staffing costs.
Price inflation was also faster than in recent months, with the input prices subindex up to 54.2 points and the output price gauge increasing to 50.8 points from below 50 in May.-Reuters