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Financial News: South Africa Private Sector Growth Slows In May

South Africa Private Sector Growth Slows In May

06/03/2021 - 07:58:00 (RTTNews)

(RTTNews) - South Africa's private sector expanded at a softer pace in May, survey data from IHS Markit showed on Thursday.

The headline Purchasing Managers' Index rose to 53.2 in May from 53.7 in April. Any reading above 50 indicates expansion in the sector. This was the second highest since November 2012.

New orders and output increased in May. Employment increased at the fastest rate since November 2012 and backlogs of work rose for a third straight month.

Suppliers' delivery time lengthened in May. Inventories rose for the first time in six months.

Confidence for the next 12 months remained robust to the second-highest in over three years in May.

Input price inflation increased to the quickest for nearly five years in May.

"Output charges increased sharply and to the greatest extent in almost five years, giving additional evidence of inflationary pressures that could harm the economic recovery," David Owen, economist at IHS Markit, said.

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