The unemployment rate also fell from 5.3 percent in May to 4.7 percent in August with the number of unemployed person dropped from 826k in May to 741k during August. The Leading Index which shows the future direction of the economy grew 7.6 percent in August, the fourth consecutive months of positive increases, suggesting the economic activities are picking up its speed in the immediate terms. The JP Morgan Global Composite PMI rose to 52.1 points during September and it has stayed above 50 point demarcation line which separate the expansion (>50) and contraction of business activities, for three months in a row.
Despite that, the latest RAM Business Confidence Index (RAM BCI) fell dramatically to 33.7 points for the third quarter of this year which is significantly below the 50-point threshold. Almost 90 percent of the survey’s respondents indicated that fragile economic conditions as their main challenges in the next three months. According to the RAM survey, loan moratorium is highly sought after assistance with 86 percent of the respondents have taken up the offer.
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