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SA factory activity expands at faster pace in November - Absa PMI

South African manufacturing activity expanded at a faster pace in November as business activity and new sales orders grew, a survey showed on Wednesday.

Source: Reuters/Siphiwe Sibeko
Source: Reuters/Siphiwe Sibeko

The seasonally-adjusted Absa Purchasing Managers' Index (PMI) rose to 57.2 points in November from a revised 53.6 points in October, remaining above the 50-point mark that separates expansion from contraction.

"Business activity and new sales orders, the two sub-indices that were most severely impacted by the steel sector strike in October, were also the ones that improved the most in November," Absa said in a statement accompanying the survey's findings.

"It is heartening that factory activity and the demand for manufactured goods seemed to be resilient against the impact of further bouts of load-shedding (power cuts) in November."

But the index measuring expected business conditions declined, Absa said, as the emergence of a new Covid-19 variant and subsequent global travel bans, as well as an interest rate hike by the central bank, weighed on sentiment.


SOURCE

Reuters
Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.
Go to: https://www.reuters.com/

About Olivia Kumwenda-Mtambo

Reporting by Olivia Kumwenda-Mtambo; Editing by Emma Rumney
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