A Booming Job Market

A Booming Job Market

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  • Saudi Arabia saw the strongest increase in employment in almost five years even as business conditions in its non-oil economy improved at a slightly slower pace at the end of last year following a surge according to a survey of purchasing managers compiled by S&P. Companies sought to add to their staffing capacity in response to an increase in sales and higher demand. The Riyad Bank Saudi PMI stood at 56.9 in December, well above the 50-mark separating growth from contraction. The gauge reached 58.5 in November, the highest reading in more than seven years.

  • The report noted that the rate of job creation was the fastest recorded in almost five years in December 2022, and the increase in staffing capacity helped companies to lower outstanding work for the seventh month running, although the rate of reduction was the softest since June. According to the survey, the PMI upturn was the result of another strong increase in business activity, although the rate of growth eased from November's over seven-year high.

Why it matters

The buoyancy of the non-oil private sector — the engine of job creation for the world’s top crude exporter — reflects the strength of the economic momentum after the pandemic that’s been largely immune to a sharp uptick in the cost of money at home and the threat of a slowdown globally. 


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