The Clap
The purchasing manager’s index (PMI), which summarizes whether market conditions, as viewed by purchasing managers, are getting better or worse, took a sharp turn for the worse last month.
What
The PMI recorded 45.4 points in November 2022, a relatively sharp fall from the month before, & the lowest since the pandemic started. Remember, anything below 50 points is considered a negative outlook for the economy.
So what
We have the EGP’s devaluation to (not thank) for the decrease in companies’ demand for production materials in addition to rising costs due to supply chain disruptions.
Now what
S&P Global, the entity responsible for reporting Egypt’s PMI, says prices are the highest they’ve been in four years.
