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🌍 The April EM PMI rebound has a front-loading problem
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🌍 The April EM PMI rebound has a front-loading problem

Macro Soup Newsroom Macro Soup Newsroom 3 min read

Brazil's Services PMI climbed to 52.3 in April and South Africa's Manufacturing PMI jumped 3.6 points to 52.6. Purchasing price indices in both economies point to front-loading, not demand, with BCB and SARB both too constrained to deliver the rate relief that would make these numbers stick.

South African flag waving on a flagpole against a blue sky, with Business Day logo in the top right, an Africa label, and overlaid headline text about business activity nearing a 4-year high.
South Africa's S&P Global PMI rose to 51.6 in April, the highest since August 2022, as private-sector activity strengthened. Source

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