No recovery in PMI: Egypt’s non-oil private sector’s downturn gathered pace in November with the Emirates NBD PMI compiled by Markit showing a drop to 41.8 from 42.0 in October. Operations were impacted largely by increased cost pressures as the currency weakened. “Raw materials were reported to have become largely unaffordable and in short supply, contributing to further sharp falls in output and purchasing. Meanwhile, with a number of firms passing higher costs through to charges, new orders also dropped markedly. As a result, some companies cut back on staff numbers in an effort to control costs.” The drop in the PMI reading was the strongest since July 2013. Emirates NBD senior economist Jean-Paul Pigat says: “The ongoing downtrend evident in November’s survey highlights that there will be no quick fixes to Egypt’s economic difficulties, even following the EGP devaluation earlier in the month. In this environment, it is crucial that authorities remain committed to their IMF-supported reform program in order to anchor investor confidence.”