The IHS Markit Purchasing Managers’ Index (PMI) data for September has signalled a notable softening in the economic decline across South Africa’s private sector as Covid-19 restrictions were eased to Level 1. British financial analyst company IHS Markit economist David Owen reports that the headline number rose to 49.4 at the end of September, which was the highest reading since October last year and, when compared with historical growth trends, was indicative of a rise in quarterly gross domestic product.
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