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Financial News: South Africa Private Sector Contraction Worsens Further

South Africa Private Sector Contraction Worsens Further

12/02/2019 - 04:40:00 (RTTNews)

(RTTNews) - South Africa's private sector contracted at a faster pace in November, survey data from the Bureau of Economic Research showed on Monday.

The seasonally adjusted Absa Purchasing Managers' Index (PMI) fell to 47.7 in November from 48.1 in October. A reading below 50 suggests contraction in the factory sector.

In November, the decline was broad-based as four of the five subcomponents of the headline PMI decreased from the previous month.

Despite the decline, the average level of the PMI in October and November is still slightly above that recorded in the third quarter, the BER said.

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