“Marginal deterioration” in operating conditions at non-oil private sector companies -PMI: Business conditions for the private sector deteriorated slightly in September after posting gains in both July and August, according to the latest Emirates NBD purchasing managers index reading (pdf). The gauge slipped to 48.7, down from 50.5 in August and its first decline in three months, due to declines in new businesses, orders and exports amid weak demand.

Dip follows record high, but sentiment improves: The monthly survey showed sentiment on the 12 months ahead actually improved from an August low “but remained below the series average.”

Weak, but not pre-IMF weak: MENA Economist at Emirates NBD Daniel Richards said September’s reading indicates that Egypt’s economic recovery is not devoid of challenges. “The 48.7 PMI figure for September represents a return to contractionary territory for the non-oil private sector in Egypt, indicating that despite the two months of consecutive 50-plus readings in July and August, there remains some weakness in the recovery. That being said, it remains higher than the average reading since the IMF reform program began in November 2016 (47.9).”