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Financial News: South Africa Private Sector Expands In November

South Africa Private Sector Expands In November

12/03/2021 - 07:30:00 (RTTNews)

(RTTNews) - South Africa's private sector expanded to the highest level in six months in November, survey data from IHS Markit showed on Friday.

The headline Purchasing Managers' Index rose to 51.7 in November from 48.6 in October. Any reading above 50 indicates expansion in the sector.

New orders rose marginally in November, while export sales declined for the sixth straight month.

That said, firms were unable to increase their output and some clients delayed their orders due to lack of raw material supply and vendor delays.

Suppliers' delivery time lengthened in November and firms reduced their purchasing and stock levels.

Input prices rose at a quicker pace and output costs increased sharply in November.

Employment increased for the first time since August and backlogs of work eased for eight months.

The outlook for the next 12 months remained strong in November.

"In addition, the country now faces fresh challenges from the Omicron variant, which has led to renewed travel barriers and economic uncertainty, and shows that the recovery from the pandemic is still not as smooth as businesses would prefer," David Owen, economist at IHS Markit, said.

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