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The non-oil economy remained solidly in growth territory in December: The headline PMI stayed basically flat from November at 57.5 last month, according to Riyad Bank Saudi Arabia PMI report (pdf). A PMI reading above the 50 mark indicates growing business activity.
New orders hit a six-months high: New orders rose to 68.3 in December, the highest rate since June, up from 66.3 in the previous month, while output remained basically flat at 61.
Higher input purchases to cover orders: The increase in purchasing inputs has directly influenced a rise in stock levels, the report adds, without providing further information.
More jobs, but slower growth in employment: While more jobs were added on the market last month, employment levels grew at a slower pace than in November. Unemployment declined to 8.6% in 3Q 2023, down from 9.9% in 3Q 2022.
Businesses saw serious gains with reduced supplier delivery times, marking the sharpest recorded time cut since the survey began 14 years ago, the report reads.
The break-down of the index: The PMI is a weighted average of the following five indices: new orders (30%), output (25%), employment (20%), suppliers’ delivery times (15%) and stocks of purchases (10%).
