South Africa: Business conditions deteriorate in May
In May, the Standard Bank Purchasing Managers’ Index (PMI) fell 1.0 point to 49.3 points. Having fallen below the 50-point threshold, it suggests that private-sector business conditions deteriorated midway through the second quarter.
May’s slump reflected weaker output and a decline in new orders amid South Africa’s general election; purchasing activity fell. Employment, on the other hand, continued to rise on improved short-term sales expectations.