But important subcomponents of the Absa purchasing managers index remained in depressed territory, suggesting subdued activity
Important subcomponents of the Absa purchasing managers index remained in depressed territory, suggesting subdued activityConditions in the manufacturing sector improved during May, coming off a low base as SA went into level 4 of the Covid-19 lockdown, easing some of the constraints on the sector and the wider economy.
The PMI is being closely watched as one of the few data points that has been able to provide some insight into the economy’s performance during the coronavirus lockdown, which moved to a level 3 on Monday. “Worryingly, some respondents indicated that whereas the lockdown regulations in May would have allowed for a further ramp-up of production, there was not sufficient demand to warrant this,” it said.
“Many businesses that were able to return to production in May, from the lockdown in April, were not permitted to do so at full employment capacity,” Absa said. “Until activity picks up firmly on a sustained basis, employment is unlikely to increase meaningfully.”
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