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Economy News South Africa

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    South African factory activity slumps in January - Absa PMI

    South African manufacturing activity slumped in January, with the headline Absa Purchasing Managers' Index (PMI) falling to levels rarely seen.
    Source: Reuters.
    Source: Reuters.

    The seasonally-adjusted PMI dropped to 43.6 points in January from 50.9 in December, falling far below the 50-point mark that separates expansion from contraction.

    The index was partly dragged down by a sharp fall in the new sales orders sub-index, an indicator of demand.

    The survey "reflects a very poor start to the year for the local manufacturing sector," bank Absa, which sponsors the PMI, said in a statement.

    "Outside of the global financial crisis in 2008/09 and the pandemic-induced lockdown period of 2020, the index has only fallen to this low level a handful of times."

    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/
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