Factory conditions signal waning recovery after post-lockdown surge
Despite expansion, the slowdown in the Absa PMI points to cooling activity
Business conditions in the manufacturing sector dropped off in November, with sentiment falling to a four-month low, suggesting that the recovery is losing steam after a surge in the wake of measures to open up the economy.
The Absa purchasing managers index (PMI) — released with Stellenbosch University’s Bureau for Economic Research — fell to 52.6 in November, down from 60.9 in October, the bank said on Tuesday. While above the 50 level that separates contraction and expansion, it was a sharp drop from October and much lower than the 60 predicted by economists in a Bloomberg survey...