Saudi Arabia’s non-oil private sector stable in July – PMI

Saudi Arabia’s non-oil private sector stable in July – PMI

DUBAI - Saudi Arabia's non-oil private sector stabilised in July after four months of contraction, a survey showed on Wednesday, suggesting the worst of the disruption caused by the coronavirus pandemic may be over.The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) rose to 50.0 from 47.7 in June, settling at the mark that separates growth from contraction."The latest figure is the highest since February but well below the long-run trend level of 57.1," said Tim Moore, economics director at survey compiler IHS Markit."Indicators for output, new orders and jobs all rose in July but fell short of the 50.0 mark, meaning that the PMI would have remained below 50.0 were it not for a solid rise in stocks of purchases and longer suppliers' delivery times."The non-oil private