South Africa’s composite leading business cycle indicator fell by 0.9% month-over-month in July 2026, following a revised 1.0% drop in the previous month. Six of the 10 available component time series declined, outweighing gains in the remaining four. The largest negative contributions came from a slowdown in the six-month smoothed growth rate of real M1 money supply and a decline in residential building plans approved. The biggest positive contributors were an acceleration in the six-month smoothed growth rate in job advertisements and a widening of the interest rate spread. Meanwhile, the coincident business cycle indicator edged down by 0.1% in June, mainly due to lower real wholesale, retail and motor trade sales, while the lagging indicator rose by 0.2%.