Saudi Arabia's non-oil private sector shrank for the fourth straight month in June as measures to contain the spread of the new coronavirus continued to hit consumer demand, a survey showed on Sunday.
FILE PHOTO: A Saudi woman sits in her shop at heritage village during Gulf Coastal Cultural Festival at Dammam Corniche, Dammam, Saudi Arabia April 20, 2018. REUTERS/Hamad I Mohammed
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index fell to 47.7 in June from 48.1 in May, remaining below the 50.0 mark that separates growth from contraction. The June figure is a setback for the non-oil private sector, which Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman has put at the centre of reforms aimed at diversifying the kingdom’s oil-reliant economy.
Employment in the private sector in June fell at the fastest pace since the survey began in August 2009, as firms shed jobs to reduce costs and amid concerns over the business outlook.
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.
China's services sector grows at fastest pace in over a decade in June: Caixin PMIChina's services sector expanded at the fastest pace in over a decade in June as the easing of coronavirus-related lockdown measures revived consumer demand, a private survey showed on Friday, though companies continued to shed jobs.
Read more »
Weak demand slows recovery in German services sector in June: PMIWeak demand is holding up a more pronounced recovery in Germany's services sector, which is slowly coming back to life after the country lifted restrictions it imposed to slow the spread of the coronavirus, a survey showed on Friday.
Read more »
Citi targets more growth in Saudi Arabia after adding over 20 bankers in two yearsCitigroup is planning to hire more bankers in Saudi Arabia for its direct custody business after adding more than 20 for onshore capital markets in the last two years, its Europe, Middle East and Africa head said.
Read more »
Dozens of U.S. Diplomats to Leave Saudi Arabia as Coronavirus Outbreak WorsensA group of U.S. diplomats and their families are leaving Saudi Arabia this weekend amid a surge in new coronavirus cases, drawing into focus the kingdom’s struggle to contain the outbreak as it reopens its economy.
Read more »
The Best of Wellness: 9 Products That Helped Us Get By in JuneWe’re big believers in the power of wellness products to help us feel a little better. These are the little things that got us through June.
Read more »
Opinion | The Gun Sales of JuneFrom WSJopinion: The more progressives push policies that mean cops won’t be around when people need them, the more they are inviting Americans to exercise their Second Amendment rights to protect themselves.
Read more »