In this episode of The Decisive, host Paul Smith is joined by fellow economists Andrew Harker and Tim Moore to discuss the latest Purchasing Managers' Index data and what it reveals about the global economy, regional growth trends and construction-sector momentum. Despite persistent headwinds — including geopolitical uncertainty, inflation concerns, supply chain disruption and unsettled bond markets — global business activity has shown notable resilience. The discussion explores the factors supporting growth across services and manufacturing, while also examining why business confidence remains subdued despite stronger output. The episode also looks at PMI coverage across the Middle East, including signs of improving momentum in the UAE, Saudi Arabia and Kuwait. The conversation highlights the launch of the alrajhi capital Saudi Construction Index, which provides new monthly insight into residential, nonresidential and infrastructure activity in the region's largest construction market. Paul, Andrew and Tim also compare Saudi construction trends with long-running construction PMI surveys in Europe and the UK, where housing activity remains under pressure from cautious demand, higher financing costs and economic uncertainty. More S&P Global Market Intelligence Content: GCC economies demonstrate resilience in August Global Economic Outlook: September 2026 Click here for the latest PMI Pulse data wrap For S&P Global subscribers (login required): Monthly Macro Monitor Middle East war Policy rate prospects Credits: Host: Paul Smith Guests: Andrew Harker, Tim Moore Produced By: Kristen Hallam Edited By: Marz Marcello Published With Assistance From: Sophie Carr, Feranmi Adeoshun

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