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Financial News: South Africa Private Sector Shrinks Further

South Africa Private Sector Shrinks Further

08/05/2019 - 06:39:00 (RTTNews)

(RTTNews) - South Africa's private sector activity declined further in July, amid a fall in output, employment and new orders, survey data from IHS Markit showed on Monday.

The headline South Africa purchasing managers' index, or PMI, fell to 48.4 in July from 49.7 in June. Any reading below 50 indicates a contraction in the sector.

New orders declined to the lowest in nine months in July and new export orders fell fractionally over the month. Output contracted for the third straight month and at a faster rate.

Employment level was moderate as the new works dropped in July.

Cost inflation eased in July after rising in the previous month. The rise in input costs was modest, while output charges rose at a softer rate compared to the previous month.

Expectations for future output declined to the lowest level in four months in July, mostly on the back of fewer sales and falling economic sentiment.

"With a surprisingly sharp downturn in South Africa GDP in the first quarter weighing on sentiment, businesses have continued to report a challenging environment across the private sector economy in July," David Owen, economist at IHS Markit, said.

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