South Africa’s private sector returned to marginal growth in June as easing price pressures helped offset a second straight monthly decline in output and new orders, a business survey showed on Friday.
PMI Index Rises
The S&P Global South Africa Purchasing Managers’ Index (PMI) rose to 50.5 in June from 49.6 in May, a survey by S&P Global showed. The 50-mark separates growth from contraction.
According to David Owen, Principal Economist at S&P Global Market Intelligence, the PMI’s recovery in June was mainly helped by resilient hiring at South African companies, although output and order books fell at slower rates than in May.
Employment continued to expand at a relatively solid pace as firms hired permanent and temporary staff to increase capacity, although the rate of job creation eased slightly.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
