Business conditions in SA’s private sector improved at a pace not seen since early-2015 during December, with the Standard Bank PMI rising to 51.6 from 50.8 in November. Though still pointing to modest growth, the latest reading rounded off the best quarter for two years (average: 50.9), Standard Bank said on Thursday. The overall upturn was bolstered by faster expansions of output and new work in December, it said. "Both rose to the greatest extent in 21 months, with anecdotal evidence highlighting a general improvement in client demand. Some firms also mentioned investing in new machinery, which helped them raise output. "That said, growth of total new work was dampened by falling exports. The amount of new orders from abroad dropped for the second straight month, despite reports of orders from Russia and some African economies," the bank said. The overall improvement in demand was nevertheless sufficient to generate another round of job creation in December. "The rate of hiring e...
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