July manufacturing conditions remain in positive territory

Conditions in the manufacturing sector stayed in positive territory for a third consecutive month in July, according to the latest Absa purchasing managers index , despite a slight decline from the previous month.

The monthly gauge gives an indication of activity in the manufacturing sector, which accounts for about 13% of SA’s GDP, and is an early indicator of underlying economic activity. A reading below 50 indicates a contraction in activity, while a reading above 50 indicates expansion. But it added that some respondents “noted that activity is not yet back to pre-lockdown levels, despite the sharp monthly increases signalled since the slump in April”.

But on the local front, producers supplying the hospitality sector specifically remarked on continued weak demand, while those in the alcoholic beverages industry also reported a renewed drop in sales.

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