Dubai firms shed jobs in March as coronavirus hits business: PMI [Reuters]
IHS Markit Ltd. Common Shares (INFO)
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Source: Reuters
Dubai firms shed jobs in March as coronavirus hits business: PMI DUBAI (Reuters) - Dubai’s non-oil private sector was hit hard last month as key sectors of the Middle East’s trade and tourism hub were impacted by measures aimed at stemming the spread of the new coronavirus, a survey showed on Thursday. The seasonally adjusted IHS Markit Dubai Purchasing Managers’ Index (PMI) fell to the lowest reading ever recorded in the decade-long survey, dropping to 45.5 in March from 50.1 in February - well below the 50.0 mark that separates growth from contraction. Firms shed jobs to minimise their losses, particularly in the travel and tourism sector. The employment sub-index dropped to 44.8 from 50.4 in February. “The rate of decline was the quickest since the series began in January 2010. Businesses often reported freezing hiring activity and asking employees to take leave in order to reduce staffing costs,” the survey compilers said. The economic slowdown could wipe 5% to 6% off Dubai’s GDP
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