Arab News, Tuesday, Jan 03, 2023 | Jamadi Al Thani 9, 1444
Saudi Arabia’s job numbers rise at strongest rate since Jan 2018 as PMI stays firm at 56.9
Saudi Arabia’s job numbers witnessed their strongest growth rate since January
2018 in December 2022, as non-oil companies witnessed a sharp expansion in
business activity driven by robust market demand and business intake, according
to a report.
The latest Riyad Bank Saudi Arabia Purchasing
Managers Index report noted that the Kingdom’s headline PMI stood firmly above
the 50.0 no-change mark at 56.9 in December.
Saudi Arabia’s PMI in December witnessed a slight
decline from November when the index hit 58.5.
In October, Saudi Arabia’s PMI was 57.2, while in
September, it was 56.6.According to the index, released by S&P Global, readings
above the 50 mark show growth, while those below 50 signal contraction.
“Job creation in the non-oil sector has never been
this strong in
almost five years. This is attributed to the
ongoing reforms that support the private sector under the Saudi Vision 2030,”
said Naif Al-Ghaith, chief economist at Riyad Bank.
He added: “We see operating conditions remaining
favorable in December, characterized by rapid growth in the non-oil activities
and a robust labor market by the end of 2022, with both jobs and wages having
far more momentum than previously thought.”