SA’s indicator shows 1.7% rise in February 2024

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South Africa’s leading indicator increased by 1.7% month over month in February 2024, according to central bank data.

This rise marks a recovery from a downwardly revised 0.2% decline in the previous month. It represents the first expansion since October 2023, with increases in five of the ten available component time series outweighing decreases in the remaining five.

The key positive contributors were the number of approved residential building plans and the acceleration of the 6-month smoothed growth rate in the space occupied by employment advertisements.

However, the biggest negative factors were a decrease in SA’s US dollar-denominated export commodity price index and the average hours worked per factory worker in the manufacturing sector.