South Africa: Economy-wide PMI climbs in June
In June, the Standard Bank Purchasing Managers’ Index (PMI) climbed 0.9 points to 50.9 points, squeaking by the survey’s long-run average. Bouncing back from the 50.0-point threshold that distinguishes improvement in the South African business environment, June’s reading pointed to an output-driven expansion of the private sector.
Amid strengthening domestic demand, both output and new orders rose in June. In turn, payrolls were sent higher. Input prices jumped as fuel costs climbed, as did output prices—albeit at a slower rate. Inventories, meanwhile, fell in the month.