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Financial News: South Africa Private Sector Deteriorates In October

South Africa Private Sector Deteriorates In October

11/04/2021 - 08:08:00 (RTTNews)

(RTTNews) - South Africa's private sector contracted in October, survey data from IHS Markit showed on Thursday.

The headline Purchasing Managers' Index rose to 48.6 in October from 50.7 in September. Any reading below 50 indicates contraction in the sector.

Output declined sharply in October and new business levels fell at a solid pace that was the quickest since July.

Delivery time lengthened sharply in October and inventories decreased for the fourth month in a row.

Input price inflation rose for the second straight month in October and output charges increased sharply, albeit at a softer pace.

Firms reduced their staffing number and purchasing of new inputs in October. Backlogs of work increased.

Expectations for future output declined for the first time in three months in October.

"This will likely reflect poorly in the third quarter economic data, although it is hoped that a swift recovery in November and December - given the strikes have now ended - should help South Africa to avoid a recession," David Owen, an economist at IHS Markit, said.

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