Connect with us

Hi, what are you looking for?

Alive Business PlanAlive Business Plan

Investing

South African factory sector expands for second month, Absa PMI shows

JOHANNESBURG (Reuters) – South African manufacturing activity grew in October for the second month in a row, a local purchasing managers’ index (PMI) survey showed, the first time since early 2023 that the highly volatile sector has recorded two consecutive months of growth.

The seasonally-adjusted PMI sponsored by South African bank Absa fell to 52.6 points in October from a revised 53.3 in September, staying above the 50-point mark that separates expansion from contraction.

The business activity and new sales orders sub-indices delivered another strong performance, and Absa said there were further positive signs on the horizon.

“Local demand is expected to pick up pace as some benefits from the interest rate cut (by the central bank in September) come through with a lag,” Absa said in a statement.

“Other windfalls, in the form of lower inflation and a boost from withdrawals following the introduction of the two-pot retirement system, could further lift consumer spending,” Absa added.

The “two-pot” pension reform, which from Sept. 1 allowed people to make partial withdrawals from their pension funds before retirement, is expected to spur retail sales and economic growth in the final quarters of the year.

This post appeared first on investing.com
Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    You May Also Like

    Latest News

    The Gateway Pundit, a far-right website, published a note from its editor on Saturday acknowledging that two election workers in Georgia did not engage...

    Latest News

    New majorities in Congress, particularly when the incoming party has a new leader, offer the rare chance for the institution to take a breath...

    Latest News

    Sister Stephanie Schmidt had a hunch about what her fellow nuns would discuss over dinner at their Erie, Pennsylvania, monastery on Wednesday night. The...

    Investing

    JAKARTA (Reuters) -Indonesia has asked Alphabet (NASDAQ:GOOGL)’s Google and Apple (NASDAQ:AAPL) to block Chinese fast fashion e-commerce firm Temu in their application stores in...



    Disclaimer: alivebusinessplan.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 alivebusinessplan.com