PMI dips to eight-month low
Fin24/ Reuters - Oct 2nd 2013, 12:29
Johannesburg - The purchasing managers' index (PMI) fell to an eight-month low in September as a strike in the auto sector hurt new sales orders, suggesting a slowdown in the manufacturing sector, survey showed on Tuesday.
The PMI, a measure of factory activity, was at 49.1 in September from August's 56.5, sponsor Kagiso Tiso Holdings said. The index fell below the 50 mark which marks the difference between contraction and expansion for the first time since March.
"The New Sales Orders Index lost 9.4 points in September, reflecting the knock-on effects to the wider manufacturing sector from the prolonged strike activity in the vehicle manufacturing sector," said Abdul Davids, head of research at Kagiso Asset Management.
"Intermittent mining sector disruptions and fears about future industrial action may also be weighing on manufacturers."From Fin24.com
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