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Financial News: South Africa Private Sector Decline Further

South Africa Private Sector Decline Further

11/05/2019 - 06:39:00 (RTTNews)

(RTTNews) - South Africa's private sector deteriorated further, amid a slower rate in October, survey data from IHS Markit showed on Tuesday.

The headline South Africa purchasing managers' index, or PMI, rose to 49.4 in October from 49.2 in September. Any reading below 50 indicates contraction in the sector.

New business fell for the sixteenth month in a row in October and the drop was the worst since July. New export orders declined at the fastest rate since June.

Output levels for the businesses decreased for the sixth month in a row. However, the slowing trend in the pace of decline continued.

Input buying remained unchanged in October and inventory levels fell for the second straight month.

Employment increased at the strongest rate in one-and-a-half years in October and outstanding business decreased for the third month in a row.

Input prices rose modestly, but at a quickest pace in October and purchase price inflation increased.

"Sentiment towards future activity improved slightly, yet there were still several firms that emphasized the continuing impact of wider economic conditions on business output," David Owen, economist at IHS Markit, said.

"Altogether, there are still a number of risks in the South African economy, and a long way to go to counteract them," the economist added.

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