Jul 04 2012
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UAE PMI Eases To 3 Mos Low In June On Slower Output Growth - HSBC
Wednesday, Jul 04, 2012
(This story was originally published Tuesday)
DUBAI (Zawya Dow Jones)--Non-oil private sector business activity in the United Arab Emirates slightly eased to a three-month low in June, after surging to a 11-month high in May, due to slower growth in output, HSBC Holdings PLC (HBC) said Tuesday.
The bank said its purchasing managers index, or PMI, fractionally slowed to 53.2 in June from 53.8 in May. A reading above the neutral 50 level indicates the economy is expanding.
The PMI index, the first of its kind to be published in the Gulf, was compiled with data provider Markit and based on data compiled from monthly replies to questionnaires sent to purchasing executives in approximately 400 private sector companies.
-By Leila Hatoum, Dow Jones Newswires; +971-4-446-1686; email@example.com; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
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