Zambia’s Markit/Stanbic PMI rose further in November, coming in at a 21-month high of 49.3 from 48.3 in the month prior. However, the reading signalled a slight deterioration in operating conditions as it remained below the 50-point neutral mark. According to Markit, COVID-19 continued to impact output and new orders, however, as well as disrupting supply chains. Currency weakness led to another marked increase in-put costs, while efforts to manage expenses contributed to reductions in employment, purchasing, and wages. Meanwhile, hopes that business conditions will improve over the coming year as the pandemic passes supported confidence that activity will increase. That said, sentiment remained historically muted amid continuing challenging business conditions.