The Absa PMI fell to its lowest level since 2009, as the world battles coronavirus implications and SA contends with threats of power cuts
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.
China, the epicentre of the coronavirus outbreak, has already seen its own manufacturing data taking a knock, raising concerns about the ripple effects for the rest of globe.deteriorated sharply to both reach an almost 11-year lows, according to Absa. “Continued concerns regarding the strength of the global economy likely also contributed to the souring in sentiment as respondents noted a decline in export sales for a fourth consecutive month,” the bank said in a statement.
“The latest fall-off in the manufacturing as well as services PMI is the largest decline ever recorded and consistent with a severe recession,” he said. “Meaningful delays in shipments of inputs and intermediate products will undoubtedly constrain output in numerous countries in the coming months,” Kaplan said.
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