UAE May business conditions ease from series high


06/06/2011 00:00 AST  Reuters

Private sector business activity in the United Arab Emirates slowed in May from a series high seen in the previous month as both new orders and output decelerated, a purchasing managers' survey showed on Sunday. The Hong Kong Banking Corporation (HSBC) United Arab Emirates (UAE) Purchasing Managers' Index (PMI), which measures the performance of the member of the Organization of Petroleum Exporting Countries (OPEC) manufacturing and services sectors, fell to 56.0 points in May. It stood at 57.5 points in April, which was the highest level since the series began in August 2009, with 50 marking the point separating growth from contraction. Four hundred private sector firms take part in the survey.

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