South Africa: PMI edges higher in December
In December, the Standard Bank Purchasing Managers’ Index (PMI) climbed 0.8 points to 49.0 points, closing in on the 50-point threshold that distinguishes deterioration from improvement in the South African private sector.
December’s reading revealed a more modest deterioration in business conditions, reflected in smaller declines in output and new orders amid languishing demand. Notably, however, green shoots appeared to bolster activity and hinted at an eventual turnaround. To that point, employment rose. On the other hand, both input- and output-price inflation moderated as demand waned. For its part, business confidence edged up to an eight-month high.