South Africa: Private-sector business conditions stabilize in April
In April, the Standard Bank Purchasing Managers’ Index (PMI) rose 0.5 points to 50.3 points, landing above the 50-point threshold that distinguishes an improvement of private-sector business conditions for only the second time in ten months.
April’s modest upturn reflected a stabilization of output—which had previously fallen for nine straight months. New orders were similar stable from March. Employment ticked higher, although salaries were cut. Notably, input and output prices both fell. Looking ahead, tepid demand left firms’ short-term outlook subdued.