Growth in Saudi Arabia's non-oil business activity slowed to a three-month low in December, a survey showed on Tuesday, although higher sales and strong demand ensured firms remained confident about the outlook for the coming year.
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index fell to 56.9 in December from 58.5 in November. It was the lowest reading since September but was still well above the 50 mark separating growth from contraction.
However, the output subindex softened to 61 from November's 64.6 while the pace of growth in new orders also slowed. "We see operating conditions remaining favourable in December, characterised by rapid growth in the non-oil activities and a robust labour market by the end of 2022, with both jobs and wages having far more momentum than previously thought," said Naif Al-Ghaith, chief economist at Riyad Bank.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exploring San Diego: Things to do December 29 through January 1The new year is almost here, and there's plenty to do around San Diego this New Year's weekend. See the list below for events.
Read more »
Global Cryptocurrency Trade Volumes Saw a Significant Decline in December 2022 – Market Updates Bitcoin NewsAccording to statistics, daily cryptocurrency trade volumes have dropped significantly during December 2022. Last month's volume was 46% lower than November's.
Read more »
South Korea December factory activity weakens on demand slump, trucker strikeSouth Korea's factory activity shrank for a sixth consecutive month in December, a business survey showed on Monday, as the global economic downturn and a local truckers' strike led to the worst slump in demand in 2-1/2 years.
Read more »
Darkest days likely over for euro zone factories, December PMIs showRecovering supply chains and easing inflationary pressures are leading to a rebound in optimism among factory managers.
Read more »
Employment in Canada to rise by 8K in December – TD SecuritiesPreviewing the upcoming jobs report from Canada, analysts at TD Securities said that they expect employment to rise by 8,000 in December with the labo
Read more »