SA’s factory output contracted further in December, the monthly Barclays sponsored poll of purchasing managers released on Thursday showed. The purchasing managers index (PMI) fell to 46.7 from 48.3 points in November, the survey undertaken by Stellenbosch University’s Bureau of Economic Research found. A reading under 50 points indicates the manufacturing sector is contracting. Statistics SA is scheduled to release November’s manufacturing sales and output data at 1pm on Thursday. The PMI survey tends to be a good predictor of what Stats SA’s more thorough study will show the following the month. Barclays said SA’s persistently pessimistic PMI readings contrasted with similar surveys in other countries "In the US and the eurozone, manufacturing PMI readings came in above 54 index points in December. The most recent Chinese PMIs are also pointing to accelerating output growth," the research note said. "In all likelihood, the key reason why the South African manufacturing sector is u...
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