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Market Update: Saudi Private Sector PMI Lowest in 5 Months
The IHS Markit Saudi Arabia PMI declined to 54.1 in August 2021 from 55.8 a month earlier, pointing to the lowest reading since March, as output expanded at softest pace in ten months while new orders growth slowed, amid a softer recovery in export demand. Meanwhile, the rate of job creation was unchanged from July and marginal, with companies highlighting that current output capacity was sufficient to complete existing work. On the price front, input prices inflation eased at the softest pace in six months, driven by a slowdown in purchase price inflation and a renewed drop in staff expenses, amid higher prices for oil, transport and raw materials such as aluminium. Meanwhile, output prices inflation accelerated to the fastest pace in a year, due to strengthening demand and a mark-up in competitors prices encouraged them to raise their charges. Finally, business confidence remained subdued. source: Markit Economics [/s2If]
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