South Africa: PMI ticks up in November
In November, the Standard Bank Purchasing Managers’ Index (PMI) climbed 1.3 points to 48.2 points, closing in on the 50-point threshold that distinguishes deterioration from improvement in the South African private sector.
November’s reading revealed a more modest deterioration in business conditions, reflected in smaller declines in output and new orders amid tepid demand. Interestingly, employment held steady and helped clear firms’ backlogs of work. Both input- and output-price inflation moderated on weaker fuel-cost pressures. For its part, business confidence ticked down from a month earlier.