SA business activity grew in January as Covid-19 cases receded — PMI

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South African private sector activity rose slightly in January as the Omicron wave of Covid-19 cases receded, lifting demand and stabilising new business, a survey showed on Thursday.

IHS Markit’s Purchasing Managers’ Index (PMI) rose to 50.9 in January from 48.4 in December, slightly back above the 50 neutral mark into expansionary territory.

“The latest PMI data suggested an improvement in demand conditions in SA during January, as the Omicron wave of Covid-19 receded and clients began to spend again,” said David Owen, Economist at IHS Markit.

Still, supply chain challenges remained acute, with a number of businesses struggling to stock the inputs they need while facing sharp inflationary pressures for materials and transport.



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