The S&P Global South Africa PMI came in at 50.1 in August 2025, slightly down from 50.3 in the prior month, indicating only marginal growth. Output improved for the first time in three months, with the upturn being modest, but the second-quickest in two years. However, sales growth was only marginal and tempered by lower export volumes. Job numbers fell slightly in August, after two consecutive months of employment growth. Meanwhile, purchase levels rose for the fourth time in five months and at the strongest pace since October 2024, which led to a slight increase in inventories. On the price front, input costs rose at the weakest rate in the current ten-month sequence of increases, due to the gradual improvement in exchange rates and easing wage pressures. The output inflation trend was largely unchanged from the previous two survey periods. Lastly, firms remained highly confident about their future output, although the degree of optimism eased marginally.