Last Updated on: 9th July 2023, 05:58 pm
Job Creation in Dubai Falls To An All-Time Low in February
The latest data from the Purchasing Managers’ Index (PMI) and S&P Global showed that new hires in Dubai’s retail, construction, and services sectors fell to a five-month low in February.
The PMI, a measure of business activity based on new orders, expansion plans, and other factors, hit its lowest level in 12 months. Nevertheless, business people remain optimistic.
The purchasing managers’ index for February came in at 54.1, above the median of 50 but below January’s reading of 54.5.
According to reports, companies in Dubai are still looking to the future with confidence.
S&P Global chief economist David Owen noted that non-oil companies saw weak increases in jobs and inventories last month. He added that job creation remained moderate for five months.
Production in the construction sector has increased significantly since June 2019. Compared to January, activity in travel & tourism, wholesale & retail, and other sectors has improved.
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