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SA factory mood slumped before election, Absa says

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Other positive news contained in the PMI reading was that purchasing prices declined to the lowest reading in six months, reflecting easing cost pressures.

Sentiment among South African manufacturers slumped in May as businesses paused orders to await the results of last week’s election. The Purchasing Managers’ Index fell to 43.8 in the month — the third time it’s been in contractionary territory this year — compared with 54 in April as business activity and new sales orders were hit by weaker demand, Absa Group said on Monday.

Business activity and new sales orders contracted because of sluggish domestic demand, sustained high interest rates and low levels of credit extension, the lender said. Export sales also declined in May due to supplier problems in Europe and delays in deliveries of inputs, it said. Purchasing managers were more optimistic about business conditions going forward. The index that measures expected business conditions in six months’ time rose to 57.6 in May from 55.7 in April.

 

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