November saw a further improvement in the health of Saudi Arabia's non-oil private sector, with latest IHS Markit PMI data indicating a quickening of growth momentum.
This was driven by the sharpest rise in new work since April 2015.
Employment among non-oil private sector companies also rose in November, though the rate of job creation was marginal and subdued by historical standards.
The headline seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) posted 58.3 in November, up from 57.8 in October and the highest in over four years.
Underpinning the positive PMI reading was a further increase in output.
Though steep, the rate of expansion eased to the slowest in four months during November.
In contrast to the trend for output, inflows of total new business increased at a faster pace during November.
The rate of growth was steep and the quickest since April 2015.
This partly reflected a further pick-up in new export orders which increased at a sharper pace than in October (but still far more slowly than overall new business).
While the picture for new business improved, latest data showed that job creation across the non-oil private sector remained lacklustre.
November's rise in employment was only marginal and unchanged from October's increase.
This was consistent with a lack of pressure on business capacity, as referenced by work outstanding decreasing for the second time in the past four months.
Firms across the non-oil private sector scaled up their purchasing activity to support increased output requirements according to reports from surveyed businesses.
However, growth in buying levels eased to the slowest in three months.
Confidence among non-oil private sector firms towards future output remained strong in November, linked to positive forecasts of underlying economic conditions and plans for improved products.
Moreover, the degree of optimism was the highest since April.
On the price front, latest data showed the third increase in charges for goods and services in the past four months.
That said, the rise in selling prices was marginal.
Overall input prices continued to increase in November, but the rate of inflation eased for the second month running and was subdued by historical standards.
Finally, November's survey indicated longer lead times on purchased items for the first time since July 2011, which anecdotal evidence attributed to insufficient stocks among suppliers. ■