Egypt's non-oil sector shows signs of stability as PMI nears growth threshold
The headline PMI rose to 49.5 in July from 48.8 in June, remaining below the 50.0 threshold that separates growth from contraction. However, the index reached its joint-highest level in five months, suggesting only a marginal decline in business conditions.
"Businesses ... had the confidence to hire new staff, leading to an increase in employment for the first time in nine months, if only a fractional one," said David Owen, Senior Economist at S&P Global Market Intelligence. Employment rose as firms responded to signs of stabilising demand and rising backlogs of work.
Output and new orders continued to fall, albeit at a softer rate than in June, with some firms noting increased activity amid tentative signs of recovering sales. The wholesale and retail sector remained the largest drag on demand and activity.
Input prices rose at a quicker pace, driven by higher costs for items such as cement and fuel, yet remained below the long-run trend. Selling charges increased for the third consecutive month, although the rate of inflation was modest.
Despite ongoing challenges, optimism about future activity improved slightly from June's record low, with firms expressing hopes for slower inflation and reduced regional conflict. However, overall confidence remained historically subdued.
(Reporting by Reuters)
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