Business conditions in the manufacturing sector fell for the fourth month in a row, reaching their lowest levels since 2009, when SA was grappling with the after effects of the global financial crisis.
Business Day TV spoke to Miyelani Maluleke, senior economist at Absa, about the latest PMI print and what it means for SA. The index tracking expected business conditions in six months’ time, fell to its lowest level since 2009, according to Absa, which is likely to have been driven by the threat of continued load-shedding in the coming 18 months.
China’s manufacturing index plunged from 50 index points to 35.7, while the nonmanufacturing index crashed from 54.1 index points to 29.6, both due to coronavirus, according to a note from Kevin Lings, chief economist at Stanlib. According to Investec economist Kamilla Kaplan, many global manufacturers reported an intensification of supply chain disruptions in February due to factory shutdowns in China thanks to the virus.
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Manufacturing business conditions hit 11-year lowThe Absa PMI fell to its lowest level since 2009, as the world battles coronavirus implications and SA contends with threats of power cuts
Source: BDliveSA - 🏆 12. / 63 Read more »
Manufacturing business conditions hit 11-year lowThe Absa PMI fell to its lowest level since 2009, as the world battles coronavirus implications and SA contends with threats of power cuts
Source: BDliveSA - 🏆 12. / 63 Read more »