The SARB’s composite leading indicator decreased to 112.8 points in April from a revised reading of 113.2 points in March.

On a year-to-year basis, April’s print reported zero growth following twelve consecutive months of expansion.

According to the SARB, seven of the available ten time series components reported deteriorations in April, offsetting improvements in the remaining three.

• The most prominent negative contributors to April’s outcome were declines in ‘real M1 money supply’ and ‘manufacturing orders’.
• Conversely, the largest positive contributions came from improvements in the ‘number of passenger vehicles sold’ and the ‘number of building plans approved’. Improvements in the building sector are likely supported by the current interest rate-cutting cycle and improving house prices.