South Africa

South Africa PMI November 2021

South Africa: PMI hits highest reading since May in November

The IHS Markit Purchasing Managers’ Index (PMI) climbed to a six-month high of 51.7 in November, from October’s 48.6. Consequently, the index broke through the neutral 50-threshold, signaling an improvement in business conditions from the previous month.

November’s upturn was largely due to suppliers’ delivery times lengthening markedly. New orders improved mildly, although export sales dropped for the sixth month running. While demand strengthened, supply-side bottlenecks capped the overall improvement. Meanwhile, vendor delays and raw material shortages impeded output growth. The same supply constraints continued to fuel higher price pressures: Higher prices for fuel and shipping fees amid a weaker rand against the USD both contributed to higher purchase prices, prompting firms to partly pass on the burden to customers, resulting in higher output charges. More positively, employment levels increased for the first time in three months. Lastly, firms remained largely optimistic over the outlook for future activity.

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