Standard Bank’s purchasing managers index (PMI) remained in growth territory at 51.3 points in January despite dipping from December’s 21-month high of 51.6. The index was slightly above Trading Economics’ forecast of 51 points. A score above 50 points indicates an expanding manufacturing sector and below contraction. The monthly poll of purchasing managers is done by research firm Markit for Standard Bank. Standard Bank economist Kuvasha Naidoo said in a note on Friday that January’s expansion in economic activity extended the December trend, which according to Naidoo further supports the idea that domestic growth may have hit a trough. "Exports continued to suffer, however, recording an accelerated pace of contraction in January month on month. This was while overall demand continued to expand (albeit at a slower pace). In response, output, a measure of supply in the private sector, also expanded at a more moderate pace in January," she said. New business in SA’s private sector ro...
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