The South African Reserve Bank’s leading business cycle indicator fell by 1.6% in May compared with April, the central bank said on Tuesday.
Ten components making up the headline index contributed to the decrease of the index while only one showed an increase, the bank said in a statement.
The indicator is a forward looking index that collates data such as job advertisements and volume of manufacturing orders to gauge the economic outlook.
The central bank left its repo rate steady at 5.5% last week, after reducing it by 650 basis points between November 2008 and December 2010. — Reuters