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Financial News: South Africa Private Sector Falls Further In November

South Africa Private Sector Falls Further In November

12/04/2019 - 06:28:00 (RTTNews)

(RTTNews) - South Africa's private sector activity deteriorated for the seventh month in a row in November, amid declines in output and new orders and higher cost pressures, survey data from IHS Markit showed on Wednesday.

The headline South Africa purchasing managers' index, or PMI, fell to 48.6 in November from 49.4 in October. Any reading below 50 indicates contraction in the sector.

Companies cut-back output levels in November, after a modest reduction at the beginning of the fourth quarter, partly due to lack of money and raw materials. The rate of decline was the fastest seen for a year.

The number of staffing and stocks level reduced in November amid a contraction in the output. Delivery time remained unchanged with lower demand for inputs.

On the price front, input price inflation accelerated for the highest level in five months in November and output charges rose further.

"Overall sentiment for the coming 12 months remained positive and above the average for 2019," David Owen, economist at IHS Markit, said.

"With a number of issues facing the country, firms generally placed their optimism upon company-led investment rather than stronger national growth."

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