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Asharq Al-Awsat
04-07-2025
- Business
- Asharq Al-Awsat
Saudi Business and Job Growth Hit 14-Year High
Business conditions in Saudi Arabia's non-oil private sector improved notably in June, driven by a marked rise in customer demand and expanded production, according to the latest Riyad Bank Purchasing Managers' Index (PMI) data. New business volumes surged, fueling the fastest pace of employment growth since May 2011. This strong demand for workers pushed wage costs to record highs, adding pressure on overall expenses and contributing to a fresh increase in output prices. The headline PMI climbed to 57.2 in June from 55.8 in May - its highest level in three months and slightly above the long-term average of 56.9. The reading signaled a robust improvement in the health of the non-oil private sector economy. Companies reported another rise in new orders last month, with growth accelerating following a recent low in April. Many firms cited gaining new clients, alongside improved marketing efforts and stronger demand conditions. Domestic sales were the main driver of the increase, while export sales edged up slightly. Purchasing Activity Expands Production continued to expand through the end of Q2, although growth slowed to a 10-month low. Purchasing activity picked up sharply as companies sought to secure additional inputs to meet rising demand, with the pace of purchase growth reaching its fastest in two years. Employment growth accelerated as businesses rapidly expanded their workforce to keep pace with incoming orders, pushing hiring to the highest level since mid-2011. This strong recruitment trend, which began early in 2025, was largely driven by a rising need for skilled workers, prompting companies to increase salary offers. Consequently, overall wage costs rose at the fastest rate since the PMI survey started in 2009. Facing mounting cost pressures from higher raw material prices, firms raised their selling prices sharply in June , the biggest increase since late 2023, reversing declines recorded in two of the previous three months. This price hike largely reflected the passing of higher operating costs onto customers, although some companies opted for competitive pricing strategies by cutting prices. Resilient Economic Outlook Looking ahead, non-oil private sector firms remained confident about business activity over the next 12 months. Optimism hit a two-year high, supported by resilient domestic economic conditions, strong demand, and improved sales. Supply-side conditions also showed positive momentum, with another strong improvement in supplier performance. Dr. Naif Alghaith, Chief Economist at Riyad Bank, said: 'Future expectations among non-oil companies remain very positive. Business confidence reached its highest level in two years, underpinned by strong order inflows and improving local economic conditions.' He added: 'However, cost pressures became more pronounced in June, with wage growth hitting record levels as companies compete to retain talent. Purchasing prices also rose at the fastest pace since February, partly driven by increased demand and geopolitical risks. Despite these challenges, companies broadly raised selling prices to recover from May's declines, reflecting an improved ability to pass higher costs onto customers.'
Zawya
04-07-2025
- Business
- Zawya
South African private sector treads water in June
South African private sector activity held steady in June, while business confidence slipped to its lowest level in nearly four years, a survey showed on Thursday, 3 July 2025. The S&P Global South Africa Purchasing Managers' Index (PMI) fell to 50.1, eking out only a sliver of growth, compared with May's 50.8. Readings above 50 indicate growth in business activity, while below that signals contractions. June saw declines in output and new orders but growth in employment and inventories. Private-sector output levels contracted for the first time in three months, reversing May's four-year high growth rate. New business volumes fell fractionally, marking the first decline since March, driven by ongoing weakness in export orders, which contracted for the third consecutive month. Business confidence weakened, with optimism about future activity slipping to its lowest level in nearly four years. "The drop in business expectations to their lowest since July 2021 shows that firms are growing increasingly nervous about the domestic and non-domestic economic outlook," said David Owen, senior economist at S&P Global Market Intelligence. Employment was a bright spot, with staffing levels rising for the second time in three months and marking the fastest increase since May 2024, primarily driven by the service sector. Supply-chain performance improved, with the second-quarter recovery marking the longest period of improvement in nearly nine years, attributed to reduced port disruptions and lower input demand.
Bloomberg
03-07-2025
- Business
- Bloomberg
Surveys Show UK Economy Rebounding From Labour Taxes, US Tariffs
By and Irina Anghel Updated on Save Signs of the UK economy picking up after a downbeat spring emerged in new surveys that will provide a much-needed boost for Chancellor of the Exchequer Rachel Reeves. A Bank of England survey of chief financial officers showed companies expect to increase employment by 1.1% over the next year, the fastest pace since before the Labour government ramped up employment costs in its first budget in October. A separate purchasing managers poll showed the private sector growing the most in nine months.
Free Malaysia Today
30-06-2025
- Business
- Free Malaysia Today
Labour market to stay strong this year, says statistics dept
Malaysia's labour market recorded strong gains last year, with unemployment falling and more people joining the workforce, according to the statistics department. (Bernama pic) PUTRAJAYA : Malaysia's labour market gained momentum in 2024, recording its strongest post-pandemic performance yet, with key indicators showing improvement and stability expected to persist into 2025, the statistics department said. According to the Annual Statistics of the Labour Force, Malaysia 2024, the unemployment rate fell to 3.2%, dipping below the pre-pandemic level of 3.3% recorded in 2019. The number of unemployed persons also dropped to 534,100, driven largely by a decline in unemployment among youths aged 15 to 24. 'Concurrently, the labour force increased by 3.3% to 16.90 million persons compared to 16.37 million in the previous year. The labour force participation rate (LFPR) also rose to a new record high of 70.6% from 70% in 2023,' the department said in a statement today. The number of employed persons also saw positive annual growth, rising by 3.5% to 16.37 million from 15.81 million in 2023. 'Accordingly, the employment-to-population ratio, which indicates the ability of an economy to create employment, increased by 0.7 percentage points to 68.4% from 67.7% in 2023,' it said. In terms of employment status, 78.5% of employed persons were classified as employees, while the number of own-account workers rose to 2.52 million, making up 15.4% of total employment. Most employed persons remained in semi-skilled occupations, representing 56.5% of total employment or about 9.26 million persons, followed by skilled occupations (4.94 million) and low-skilled occupations (2.17 million). From a sectoral perspective, the services sector remained the largest employer, comprising 65.6% of total employment, followed by the manufacturing sector (16.3%) and the agriculture sector (9.0%). The construction sector accounted for 8.5% of total employment, while the mining and quarrying sector recorded the smallest share at 0.5%. The department also said underemployment improved in 2024, with the number of employed persons working less than 30 hours a week due to the nature of their jobs or insufficient work falling by 6.1% to 212,500, from 226,300 in 2023. As a result, the underemployment rate declined to 1.3% from 1.4% previously. Youth unemployment dropped to 10.3%, with the number of unemployed youths falling by 4.1% to 284,700. Unemployment among adults aged 25 to 64 also improved slightly, declining to 1.8%. At the state level, Putrajaya recorded the lowest unemployment rate at 1.1%, followed by Melaka (1.6%), while Penang and Pahang each recorded 2.0%. Putrajaya also registered the highest LFPR at 78.7%, followed by Selangor (77.9%), Kuala Lumpur (75.4%), and Penang (72.0%). In terms of female labour force participation, five states exceeded the national average of 56.5% – Putrajaya (79.4%), Selangor (70.3%), Kuala Lumpur (66.6%), Melaka (58.4%), and Penang (57.6%). Despite the positive trends, 7.02 million persons remained outside the labour force, primarily due to housework or family responsibilities (43.1%), followed by those in the schooling or training category (41.3%). Looking ahead, the department said the country's labour market is expected to remain resilient in 2025, supported by stable economic growth, Malaysia's Asean chairmanship, and initiatives like the Asean Villages Network, which aim to boost rural development and workforce upskilling.
Malay Mail
30-06-2025
- Business
- Malay Mail
Malaysia's strongest labour market since Covid: More jobs, fewer jobless, 70.6pc record participation rate
PUTRAJAYA, June 30 — Malaysia's labour market gained momentum in 2024, recording its strongest post-pandemic performance yet, with key indicators showing improvement and stability expected to persist into 2025, the Department of Statistics Malaysia (DOSM) said today. According to DOSM's Annual Statistics of the Labour Force, Malaysia 2024, the unemployment rate fell to 3.2 per cent, dipping below the pre-pandemic level of 3.3 per cent recorded in 2019. The number of unemployed persons also dropped to 534,100, driven largely by a decline in unemployment among youths aged 15 to 24. 'Concurrently, the labour force increased by 3.3 per cent to 16.90 million persons compared to 16.37 million persons in the previous year. The labour force participation rate (LFPR) also rose to a new record high of 70.6 per cent from 70 per cent in 2023,' DOSM said in a statement here today. The number of employed persons also saw positive annual growth, rising by 3.5 per cent to 16.37 million from 15.81 million in 2023, it said. 'Accordingly, the employment-to-population ratio, which indicates the ability of an economy to create employment, also increased by 0.7 percentage points to 68.4 per cent from 67.7 per cent in 2023,' it said. DOSM said in terms of employment status, 78.5 per cent of employed persons were classified as employees' category while the number of own-account workers category went up to 2.52 million persons, accounting for 15.4 per cent of total employment. It said most employed persons remained in semi-skilled occupations, representing 56.5 per cent of total employment or approximately 9.26 million persons, followed by skilled occupations (4.94 million persons) and low-skilled occupations category (2.17 million persons). From a sectoral perspective, employment remained dominant in the services sector which continued its upward trend and comprised 65.6 per cent of the total employment followed by the manufacturing sector at 16.3 per cent and agriculture sector at 9.0 per cent. Additionally, the construction sector accounted for 8.5 per cent of total employment, while the mining and quarrying sector recorded the smallest share at 0.5 per cent. The department said the underemployment situation improved in 2024, with the number of employed persons working less than 30 hours a week, due to job nature or insufficient work, falling by 6.1 per cent to 212,500 from 226,300 in 2023. Consequently, the underemployment rate declined to 1.3 per cent from 1.4 per cent in the previous year. Youth unemployment fell to 10.3 per cent, with the number of unemployed youths down 4.1 per cent to 284,700 while unemployment among adults aged 25 to 64 also improved slightly, falling to 1.8 per cent. At the state level, DOSM said Wilayah Persekutuan (WP) Putrajaya recorded the lowest unemployment rate at 1.1 per cent, followed by Melaka (1.6 per cent), Penang and Pahang, each recorded two per cent. Meanwhile, the highest LFPR was also registered in WP Putrajaya at 78.7 per cent followed by Selangor (77.9 per cent), WP Kuala Lumpur (75.4 per cent) and Pulau Pinang (72 per cent). DOSM said in terms of female participation, five states exceeded the national level of 56.5 per cent namely WP Putrajaya at 79.4 per cent), Selangor (70.3 per cent), WP Kuala Lumpur (66.6 per cent), Melaka (58.4 per cent) and Pulau Pinang (57.6 per cent). It said despite the positive trends, 7.02 million persons remained outside the labour force mainly due to housework or family responsibilities with a share of 43.1 per cent, followed by those in the schooling or training category comprising 41.3 per cent. Looking ahead, DOSM said the country's labour market will remain resilient in 2025 supported by stable economic growth, Malaysia's Asean Chairmanship and initiatives like the Asean Villages Network, which are expected to spur rural development and workforce upskilling. — Bernama
