LUSAKA, Sept. 6 (Xinhua) -- The past month was bad for private sector firms in Zambia with data pointing to renewed deterioration in overall business conditions, a survey revealed on Thursday.
The Purchasing Managers Index, a monthly survey conducted by Standard Bank and HIS Markit, shows that business operations declined to 49.0 percent in August from 50.3 percent in July.
The decline shows a six-month low in business operations and signals an overall deterioration in business conditions for the first time since February, according to a statement.
It said the downturn in business performance during August largely reflected the modest fall in output volumes and new business intakes.
Victor Chileshe, Head of Global Markets at Stanbic Bank, said the decline in business activities could be attributed to a fall in customer demand, lack of money in circulation and delays in customers selling their accounts.
The survey however revealed that despite softer demand conditions, employment increased for the third consecutive month, reflecting sustained efforts to boost business capacity.
