The BLOM Bank headquarters in Beirut, Tuesday, Oct. 28, 2014. (The Daily Star/Mohammad Azakir)
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Lebanon's private sector continued to reel under the burden of the economic slowdown despite a slight improvement in the Purchasing Manager's Index in August, BLOMINVEST said Wednesday.The PMI is a composite index, calculated as a weighted average of five individual subcomponents: new orders (30 percent), output (25 percent), employment (20 percent), suppliers' delivery times (15 percent) and stocks of purchases (10 percent).Fadi Osseiran, general manager of BLOMINVEST Bank, commented on BLOM PMI's August results."Weak demand continues to be the main impediment to progress in Lebanon's private sector economy," Osseiran said.He added that the decline in staff numbers and the pessimistic outlook of surveyed companies have eased compared to previous months.
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