Dubai: Non-oil private sector growth has accelerated to 10-month high, with increased hiring trend in some industries, according to Emirates NBD Purchasing Manager’s Index.
The index, a benchmark for operating conditions in non-oil-private sector, indicated that some companies were still hiring employees.
According to the data, the hiring pace “quickened to a 14-month high” as compared to the trend over the second quarter.
Monster Employment Index showed an upward movement in job listings in UAE up by 10 percent in June compared to same month last year.
“We expect this positive trend to continue, especially in the UAE, which is seen by economists as the most promising economy in [the Middle East and North Africa],” Gulfnews quoted Sanjay Modi, managing director for Asia Pacific and Middle Eat at Monster.com, as saying.
The heathcare sector proved to be the most robust in creating new jobs with up to 46% vacancy growth in June 2016, according to the job site.
Senior economist at Emirates NBD, Jean Paul Pigat told Gulfnews that the survey showed that the UAE workforce size had grown in July than June with the index swinging from 50.5 in June to 52.9 in July, indicating
51.5 growth in a year. However, the level of job creation in 2015 remained relatively week.
“When you look beneath the figures, it shows that just over 5 per cent of surveyed companies raised employment levels. So it’s a 14-month high, but that also is a reflection of the fact that job creation has been quite weak over the past year,” Gulf News report quoted Pigat as saying.
NBD UAE Purchasing Managers’ Index performance of companies in non-oil private sector is derived from a survey of 400 companies, including manufacturing, services, construction and retail.
After the drop in oil prices from $115 per barrel in June 2014 to under $35 at the end of February 2016 created a slump in the global economy. UAE has witnessed a significant drop in job openings within this time period.