South Africa

South Africa PMI September 2023

South Africa: PMI decreases in September

The S&P Global Purchasing Managers’ index (PMI) fell to 49.9 in September from August’s 51.0. As such, the index fell below the 50.0 no-change mark, signaling a marginal deterioration in private-sector operating conditions from the previous month.

September’s downtick was largely due to output contracting, weighed down by load shedding and elevated costs of materials for production. In addition, delivery times lengthened markedly due to port delays and load shedding. Meanwhile, power cuts, still-high inflation and weak external market conditions dampened new orders, which were largely unchanged from August’s marginal drop. More positively, some firms reported gaining customers; as such, virtually stable demand allowed businesses to onboard staff in the month.

Turning to prices, higher fuel prices, a weak rand and elevated wage costs drove price pressures, which rose at the quickest pace since May. Accordingly, selling charges were raised once again. Lastly, firms’ sentiment was the worst in five months.

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