The Absa Purchasing Managers’ Index (PMI) rose for the third straight month in December, suggesting that the manufacturing sector was resilient in the face of the rolling blackouts onslaught. But the sub-indices are a mixed bag and, at 53.1 on a scale ...
The Absa PMI nudged up slightly in December, to 53.1 from 52.6 in November, its third straight monthly bounce. Conducted by the Bureau for Economic Research and sponsored by Absa, the index is based on a survey of purchasing managers in the manufacturing industry, making it a key barometer of the sector’s health.
So the PMI reading suggests that the manufacturing sector retained some resilience in Q4 in the face of the load shedding onslaught, though rolling blackouts still contained its potential. The business activity index fell to 45.2 from 49.5 and has not been above the neutral 50 mark since March of 2022, pointing to underlying weakness.
The employment sub-index leapt a surprising 8.6 points to 54.3 in December, but it is a data point that is often erratic and not always a reflection of the realities on the factory floor.
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