Private sector growth hit hard as activity contracts yet again
JOHANNESBURG – Private sector growth in the economy took another deterioration in November as activity contracted for the seventh consecutive month.
The Standard Bank purchasing managers’ index (PMI) fell to 48.6 points in November from 49.4 in the previous month.
The decline was in line with the Absa PMI which edged down to 47.7 in November from 48.1 the previous month as demand and new sales orders remained under pressure, pointing to the fourth consecutive month of contraction in factory activity.
A reading above 50 indicates expansion in business activity and below 50 indicates that it is generally declining.
The Standard Bank PMI survey, produced by IHS Markit, showed that the decline in November was the steepest since July and the most in a year.
Source: iol.co.za
