South Africa’s manufacturing sector grew at a sharply slower pace in November, survey data showed Tuesday.
The Absa Purchasing Managers’ Index, or PMI, fell to 52.6 from 60.9 in October. A reading above 50 suggests growth in the sector.
The PMI is compiled by the Bureau for Economic Research and sponsored by the banking group Absa. The index is based on the widely used and highly regarded Purchasing Managers Index produced by the Institute for Supply Management (ISM) in the USA.
“While still signalling an improvement in business conditions, the drop suggests that the manufacturing sector’s recovery is starting to lose momentum,” the BER said.
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