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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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