Business conditions in South Africa continued to deteriorate in March, the latest Absa PMI shows.
The Absa Purchasing Managers’ Index fell slightly in March to 48.1 from 48.8 in February, marking the second consecutive month of decline after a hopeful start to the year.
After rising in January, the second straight month of decline in the index points to a deterioration in business conditions in the manufacturing sector. “Indeed, in contrast to business activity, the new sales orders index performed worse relative to the fourth quarter. This was despite the PMI’s index tracking export sales performing well through the first quarter and rising to an almost two-year high in March.”, pointing to a bleak environment for jobs in the country.
This is a positive development for the sector. However, on the negative side, sustained weak demand likely also explains some of the recent downward move in South Africa.
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