Financial News: South African Leading Index Falls In August

South African Leading Index Falls In August

10/22/2024 - 04:04:00 (RTTNews)

(RTTNews) - South Africa's composite leading index decreased in August after improving in the previous month, survey data from the South African Reserve Bank showed on Tuesday.

The composite leading index dropped 0.7 percent month-on-month to 112.8 in August from 113.6 in July.

Compared to a year ago, the index climbed 2.4 percent, versus an increase of 4.0 percent in the prior month.

In August, seven out of ten of the component time series decreased, while the remaining three strengthened, the survey said.

The largest negative contributors were a deceleration in the six-month smoothed growth rate of the real M1 money supply and a decrease in South Africa's US dollar-denominated export commodity price index.

Data showed that the coincident index rose to 92.9 in July from 92.5 a month ago.

Similarly, the lagging indicator climbed to 107.4 in July from 106.4 in the previous month.

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