BLOM PMI at 49.3, its second slowest contraction so far in 2015

BLOM PMI revealed its highest reading in five months in June at 49.3, up from 48.0 in May, indicating a slower fall in overall business activity. The improvement in the private sector was supported by the eased downturn in new orders received by companies and the rise in new export orders. In addition to that, average costs borne by the private sector dropped for the first time since March, aided by the lower average prices paid for purchases. Employment maintained its rising trend for the second time in as many months, reflecting the fastest rate of job creation since September last year. Maya Mantach, Head of Equities at BLOMINVEST Bank, commented on the month’s results noting that “The performance of most Lebanese sectors seems to be oscillating within a narrow range.  In that small corridor, export orders remained on the rise in June for the second consecutive month and job creation picked up. It appears that the lower costs borne by the private sector following the decrease in their purchasing prices have benefited employment both in terms of level and salaries.” Maya added “The increases shown by the PMI data may be minimal, but their sustainability has become crucial in determining the viability of the private sector’s adaptive practices.”

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