SA Purchasing Managers Index marginally weaker
Mokgatla Madisha, Investec Asset Management
The seasonally adjusted Investec PMI printed at 39.2 in February, marginally weaker than the lows posted in November last year.
Output volumes declined at a faster pace, and new sales orders continued to plummet with the seasonally adjusted new sales orders index dipping to another record low of 31.9. Input cost pressures, after easing rapidly in December and January, did not decline further. Purchasing managers decreased their inventories and lowered purchasing commitments indicative of a weak, near term outlook.
Furthermore, expectations regarding business conditions 6 months ahead adjusted slightly downwards. The manufacturing sector continues to face the headwinds from weak domestic and global economy. And while downward momentum is expected to slow, a sustained recovery is unlikely in the near term.
Source: Mokgatla Madisha, Investec Asset Management, March 2, 2009.
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