Egypt PMI Highest In Three Months
Egypt's private sector activity was the highest in three months in November amid unchanged selling prices and softer declines in output and new orders, survey data from IHS Markit showed on Thursday.
The Emirates NBD Egypt purchasing managers' index, or PMI, rose to 49.2 November from 48.6 in October, marking the highest level since August. A reading below 50.0 shows a contraction in the sector.
New orders declined further in November due to weaker demand in the backdrop of challenging economic conditions. Export orders declined at a slightly faster rate than in October.
Output declined for the third month in a row, albeit at a slower pace. Backlogs of work increased for the fifth month, leading to a build up in capacity pressures.
Due to a fall in demand, companies reduced staff, leading to the joint-lowest level for the employment index in a year.
Output prices where unchanged as companies hesitated to raise prices as they tried to boost new work. Input costs increased modestly.
Overall business sentiment was positive, but the weakest in 25 months. Several companies hope that market stability will encourage demand to pick-up in the future, boosting business activity.
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