South African business sentiment deteriorated last month amid subdued business activity and sluggish demand as President
Absa Group Ltd.’s Purchasing Managers’ Index, compiled by the Bureau for Economic Research, declined to 49.5 in August, the Johannesburg-based lender said in an emailed statement on Monday. That compares with a reading of 50.8 in July, when it returned to expansionary territory above 50 for the first time in nine months.
“Both domestic and global demand remain under pressure,” the lender said. “Respondents refer to tariffs hurting exports, even if they themselves ...