January’s factory activity languishes in negative territory
Apart from the 2008/09 financial crisis and the Covid-19 lockdown period of 2020, the Absa PMI has fallen to this level only a handful of times
Manufacturing activity slumped in January, moving back into contractionary territory, below the neutral 50-point mark — indicating a challenging start to 2024 for the sector.
That is according to the Absa purchasing manager’s index (PMI), published by the Stellenbosch-based Bureau for Economic Research (BER) in partnership with Absa bank. It showed that industrial activity plummeted in the first month of 2024 to 43.6 index points, down from 50.9 in December...
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