Hints of Stagflation

SOUTH AFRICA - Report 11 Oct 2014 by Iraj Abedian
In September 2014, the Kagiso Purchasing Managers’ Index (PMI) recorded 50.7 index points; up from 49.0 points in August 2014. A reading above 50 points suggests a quickening in the tempo of economic activity. However, the headline September print of the PMI calls for caution as far as making a pronouncement of the outlook for the South African economy is concerned. Both the employment and new sales orders sub-indices remained below the neutral mark, with the latter sub-index dipping slightly. As such the rebound of the headline PMI to expansion territory should rather be seen as “noise” an...

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