South Africa's sharp economic downturn extends into July: PMI | News


JOHANNESBURG (Reuters) – South Africa’s economic downturn extended into last month, though businesses still reeling from the impact of the COVID-19 pandemic reported slightly less steep in output and new orders, a survey showed on Wednesday.

The pace of job losses also slowed, but July still saw the third-fastest reduction in employment on record.

The IHS Markit Purchasing Managers’ Index (PMI) rose to 44.9 from 42.5 in June, its second increase in a row but still far below…

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