South Africa’s composite leading business cycle indicator rose 0.9% month-on-month in August 2026, rebounding from a downwardly revised 0.8% fall in the previous month. It marked the highest reading since March, as six of the ten available component time series increased. The largest positive contributions came from an acceleration in the six-month smoothed growth rate of real M1 money supply and an increase in the number of residential building plans approved. Conversely, the largest negative contributions came from decelerations in the six-month smoothed growth rates of job advertisements and new passenger vehicle sales. Meanwhile, the composite coincident business cycle indicator rose 0.6% in July, supported by increases in the real value of wholesale, retail and motor trade sales, as well as in industrial production. However, the composite lagging business cycle indicator fell 0.4% in the same month.