S. Africa Leading Index Picks Up Slightly In November

South Africa’s leading economic indicator increased for the third straight month in November, though marginally, survey figures from the South African National Bank showed Tuesday.

The composite leading business cycle indicator rose to 93.7 in November from 93.6 in the previous month. In September, the reading was 93.2.

However, on an annual basis, the measure fell at a faster pace of 5.0 percent in November, following a 4.7 percent decline in October.

Out of the eleven components, six contributed positively to the index during November, while the remainder decreased.

The largest positive came from an increase in the opinion survey measuring the average number of hours worked in the manufacturing sector, followed by an acceleration in the twelve-month percentage change in the number of new passenger vehicles sold.

The coincident index that reflects the current economic activity also improved slightly to 114.0 in October from 113.9 in the preceding month.

At the same time, the lagging index that indicates the past economic activity, remained unchanged at 104.8 in October.

Annually, the coincident index slid 0.9 percent in October and lagging index dropped by 0.7 percent.

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