Last week, Statistics South Africa released the manufacturing and mining sectors' production and sales figures for September. Compared to September last year and compared to this August, production was lower. This is attributed to the "usual suspects" of load shedding, Transnet's logistical bottlenecks and the weak demand from China. However, it is not just more bad news. These monthly indicators have an important place in the bigger picture.

This episode is supported by the Bureau of Economic Research in Stellenbosch and the NWU Business School.

Errors and omissions are my own.