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South African factory mood sours in October
South African factory mood sours in October
South Africa's manufacturing sentiment deteriorated in October, dragged down by subdued domestic demand and sluggish exports, a purchasing managers' index (PMI) survey showed on Monday.
The seasonally-adjusted PMI sponsored by South African bank Absa fell to 49.2 points in October from 50.8 in September, highlighting "the fragility of the manufacturing recovery," Absa said in a statement.
A reading below 50 indicates decreased activity.
The business activity sub-index dropped by 5 points to 49.4, marking the ninth month this year it has been in contractionary territory.
Another sub-index tracking expected business conditions in six months dropped more than 3 points to 46.1.
"Business confidence remains low as the sector continues to navigate external trade constraints, supply-side uncertainty, and cost volatility," Absa said.
South Africa's government is trying to convince US President Donald Trump to lower the 30% tariff he imposed on South African exports to the United States in August, but so far there has been no breakthrough.
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By PolitySouth African factory mood sours in October
South Africa's manufacturing sentiment deteriorated in October, dragged down by subdued domestic demand and sluggish exports, a purchasing managers' index (PMI) survey showed on Monday.
The seasonally-adjusted PMI sponsored by South African bank Absa fell to 49.2 points in October from 50.8 in September, highlighting "the fragility of the manufacturing recovery," Absa said in a statement.
A reading below 50 indicates decreased activity.
The business activity sub-index dropped by 5 points to 49.4, marking the ninth month this year it has been in contractionary territory.
Another sub-index tracking expected business conditions in six months dropped more than 3 points to 46.1.
"Business confidence remains low as the sector continues to navigate external trade constraints, supply-side uncertainty, and cost volatility," Absa said.
South Africa's government is trying to convince US President Donald Trump to lower the 30% tariff he imposed on South African exports to the United States in August, but so far there has been no breakthrough.