Factory managers got slightly more optimistic in November, but remained on the pessimistic side of 50 index points for a fourth month.
November’s monthly poll of purchasing mangers sponsored by Barclays and done by Stellenbosch University’s Bureau for Economic Research
came in at 48.3 points, a 2.4 point improvement on October’s 45.9 points and higher than the 46.2 points forecast by Trading Economics.
The purchasing managers index (PMI) tends to be a reliable indicator of what Statistics SA’s manufacturing output data will show in a few weeks. A score under 50 indicates SA’s manufacturing output is contracting.
November’s rise took the index nearly back to September’s 48.5 points.
Of the components in the PMI, new sales orders showed the biggest improvement, jumping 6.9 points to 51.4 index points.
New sales have now clawed back almost 10 points after dropping to a low of 42.1 in August.
The index’s most optimistic component was prices, which rose 6.2 points to 65.6 in November.
"At the current level, the price index is still well below a recent high of 90.7 index points registered in February 2016," Barclays said in Thursday’s statement.
The high score for prices was attributed to rising fuel prices and a relatively stable currency in November.
The employment component declined a fraction to 45 points from 45.1.
"After an encouraging uptick since late 2015 to a high of 51.6 points in July, the employment index has now remained below the neutral 50-point mark for three months," Barclays said.
Inventories fell two points to 45.2 points.
This was the lowest level since July 2014 and the fourth consecutive month that inventories remained below the neutral 50-point mark, Barclays said.
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November’s monthly poll of purchasing mangers sponsored by Barclays and done by Stellenbosch University’s Bureau for Economic Research
came in at 48.3 points, a 2.4 point improvement on October’s 45.9 points and higher than the 46.2 points forecast by Trading Economics.
The purchasing managers index (PMI) tends to be a reliable indicator of what Statistics SA’s manufacturing output data will show in a few weeks. A score under 50 indicates SA’s manufacturing output is contracting.
November’s rise took the index nearly back to September’s 48.5 points.
Of the components in the PMI, new sales orders showed the biggest improvement, jumping 6.9 points to 51.4 index points.
New sales have now clawed back almost 10 points after dropping to a low of 42.1 in August.
The index’s most optimistic component was prices, which rose 6.2 points to 65.6 in November.
"At the current level, the price index is still well below a recent high of 90.7 index points registered in February 2016," Barclays said in Thursday’s statement.
The high score for prices was attributed to rising fuel prices and a relatively stable currency in November.
The employment component declined a fraction to 45 points from 45.1.
"After an encouraging uptick since late 2015 to a high of 51.6 points in July, the employment index has now remained below the neutral 50-point mark for three months," Barclays said.
Inventories fell two points to 45.2 points.
This was the lowest level since July 2014 and the fourth consecutive month that inventories remained below the neutral 50-point mark, Barclays said.
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