Dubai Witnessing Unprecedented Growth in Job Market
According to S&P Global’s analysis of the UAE’s Purchasing Managers’ Index (PMI), Dubai’s non-oil business sector experienced its strongest growth rate since September 2022. The PMI for March increased from 54.1 in February to 55.5 in March, indicating sector expansion.
The study also emphasized multi-year records in inventory growth and job creation. However, the S&P reported a decreasing growth rate to a 14-month low despite the huge increase in new orders.
The expansion of employment, output, and purchase stocks were also the key drivers of Dubai’s non-oil sector’s improvement. Dubai’s PMI increased from a 12-month low of 54.1 in February to 55.5 in March.
According to S&P Global Market Intelligence economist David Owen, the rise in the PMI was brought on by businesses’ efforts to improve their supply side in reaction to the sudden spike in activity levels. This shows that companies are making preparations to retain their momentum and grow in the future.
The statistics also showed that due to an increase in new orders in March, Dubai’s construction companies experienced a significant boost in output expansion, the biggest since September.
This led to an increase in employment growth, inventory growth, and job creation that was the fastest since January 2018.
Companies purchased additional raw materials to fulfill the demands of new and continuing projects, which caused their input stockpiles to increase at the quickest rate since May 2018.
The majority of vendor attempts to decrease supplier delivery times have been ineffective, with only a few small improvements noted since the record was set in February of last year.
Input costs for building have also increased, forcing businesses to give discounts in order to retain sales. However, the forecast for future activity is unfavorable because just 10% of survey respondents anticipate an increase in output over the following year.
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