01 December 2022 1 Min Read
Factory activity improves for second consecutive month
Absa’s PMI data showed that manufacturing activity expanded in November as business activity and new orders improved
in Economy by Kopano Gumbi
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Manufacturing activity expanded in November as business activity and new orders improved for the second consecutive month, Absa’s purchasing managers index (PMI) data showed on Thursday.
The seasonally adjusted Absa PMI rose to 52.6 points in November from 50.0 points in October.
“This suggests that the manufacturing sector could book another slight expansion in the fourth quarter,” Absa said in a statement.
The manufacturing sector has proven resilient despite load-shedding hampering producers.
Recently released labour statistics showed the sector created the highest number of new jobs in the third quarter.
Third-quarter GDP data will be released next Tuesday, and economists expect marginal growth.
Reuters