Egypt's Non-Oil Private Sector Contracts At Faster Rate In July

(RTTNews) - Activity in Egypt's non-oil private sector decreased further in July, and at a faster pace than in the previous month, survey data compiled by Markit Economics showed Monday.

The seasonally adjusted purchasing managers' index (PMI) for the non-oil private sector dropped to 41.7 in July from 47.5 in June, hitting the second-lowest level since the survey started. A PMI reading below 50 suggests contraction, while one above signals growth.

Both new orders and production in the sector decreased at faster rates in July, mainly due to the fragile political conditions in the country. Responding to the decrease in activity, firms lowered their employment levels for the fifteenth successive month.

Input price inflation eased for the third consecutive month in July, while output charges stayed broadly unchanged, data showed.