The Standard Bank Purchasing Managers' Index (PMI) is a composite gauge designed to give a single-figure snapshot of operating conditions in the South African private sector. It is derived from individual indices for new orders, output, employment, suppliers' delivery times, and stocks of purchases. A reading above 50.0 indicates an overall improvement in business conditions, while a reading below 50.0 signals a deterioration.
The index is compiled by S&P Global from responses to questionnaires sent to purchasing managers in a panel of around 400 private sector companies. The headline PMI is a weighted average of five sub-indices: New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%), and Stocks of Purchases (10%).
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