Sudafrica - PMI manifatturiero

South Africa's Absa Manufacturing PMI edged down to 47.7 in November 2019 from 48.1 in the previous month. The reading pointed to the fourth consecutive month of contraction in factory activity, as four of the five sub-indexes decreased, in particular business activity and new orders. The only major sub-component to show an improvement was purchasing inventories, which picked up from a ten-year low reached in October. Looking ahead, respondents turned slightly less pessimistic about the near-term future, as the index tracking expected business conditions in six months increased in November after recording five consecutive declines.

South Africa's Absa Manufacturing PMI rose to 48.1 in October 2019 from a revised 45.1 in the previous month, still pointing to a contraction in the sector. Output and new orders declined at a softer pace.

The ABSA Manufacturing PMI for South Africa dipped to 41.6 in September 2019 from 45.7 in the prior month. This is the second consecutive sharp decline in factory activity and the largest since August 2009, amid continued weak demand conditions. In September, three of its five sub-components decreased sharply, namely new sales orders, purchasing inventories and business activity. Meanwhile, supplier deliveries and employment were the only sub-components which rose, although the employment index remained at a very weak level. "Besides sustained weak domestic demand conditions, the poor South African manufacturing print comes against a backdrop of growing concerns about the health of the global economy and, in particular, South Africa’s trading partners in Europe," Absa said.

The ABSA Manufacturing PMI for South Africa slumped to 45.7 in August 2019 from 52.1 in the previous month. It was the lowest reading since May, as all of the five major sub-indexes fell back into contraction territory, namely business activity and new orders. "Respondents continued to be fairly downbeat about exports for a third straight month, while domestic demand likely also weighed on orders,” Absa said. Also, the index which gauges business conditions in six months time declined, after 9 months above the neutral level, and the employment index decreased sharply to the lowest level in more than five years.

The ABSA Manufacturing PMI for South Africa rose to 52.1 in July 2019 from 46.2 in the prior month. The reading marked the first expansion in factory activity since December 2018 and the strongest since June 2016, boosted by improvements in new-sales orders and business activity. However, "these levels may not be sustained as it was likely driven by increased output by manufacturers to safeguard against potential strike-related disruptions in the automotive or platinum-mining industries, where wage negotiations are taking place", Absa noted. Meantime, employment and input buying continued to fall, but a slightly slower pace. Also, manufacturers were less optimistic regarding the outlook for production over the next six months.

The ABSA Manufacturing PMI for South Africa rose to 46.2 in June 2019 from 45.4 in the prior month, though remaining in contraction territory for a sixth consecutive month, as business activity and new sales orders fell at a slower pace. Meanwhile, employment declined significantly. On the other hand, improvements were observed for suppliers's deliveries and inventories.