South Africa Leading Index Falls Further

(RTTNews) - South Africa's composite leading index decreased for the second straight month in June, survey data from the South African Reserve Bank showed on Tuesday.

The composite leading index dropped 0.4 percent month-on-month to 111.4 in June from 111.9 in May.

Compared to a year ago, the index climbed 1.6 percent, versus an increase of 2.0 percent in the prior month.

In June, five out of seven of the component time series decreased, while the remaining two strengthened, the survey said.

The largest negative contributors were a decrease in the number of residential building plans approved and a narrowing of the interest rate spread.

Data showed that the coincident index declined to 92.6 in May from 93.0 a month ago.

Similarly, the lagging indicator fell slightly to 106.8 in May from 107.0 in the previous month.