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Press Dossier    By Date   03/01/2023 Saudi Arabia’s job numbers rise at strongest rate since Jan 2018 as PMI stays firm at 56.9

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: 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.”

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