South Africa’s private sector shrinks again in November
CAPE TOWN – Activity in South Africa’s private sector shrank for the seventh consecutive month in November as output tanked, new orders slipped and employment contracted, a survey showed on Wednesday, a day after headline growth economic figure again disappointed.
IHS Markit’s Purchasing Managers’ Index (PMI) fell to 48.6 from 49.4 in October, dropping further below the 50 level that separates expansion from contraction.
The latest reading marked the sharpest rate of contraction since July, echoing data on Tuesday that showed gross domestic product shrank for the second time in three quarters, by 0.6%, in the three months from July to September.
Source: iol.co.za