南非私营部门七个月来首次收缩 10月综合PMI跌破荣枯线

Core Viewpoint - The South African Composite Purchasing Managers' Index (PMI) fell to 48.8 in October, down from 50.2 in September, indicating a contraction in private sector activity for the first time since March 2025 [1] Economic Activity - Output and new orders declined at the fastest rate in seven months, with export sales experiencing the largest drop in nearly a year [1] - In response to weak demand, businesses reduced procurement investments, leading to improved supplier delivery times at a record pace [1] Employment and Costs - Despite a slight increase in employment numbers, the backlog of work decreased at the fastest rate in eight months [1] - Cost pressures eased, with October's purchasing price inflation dropping to the lowest level in over five years, attributed to a stronger South African Rand and slower wage growth [1] - Sales price inflation also slowed, partly due to a decrease in construction costs [1] Future Outlook - Despite the challenging operating environment, businesses remain cautiously optimistic about future output, with 34% expecting growth in the coming months and only 5% anticipating a decline [1]