South African Factory Manager Outlook Worst Since Covid Lockdown [BNN Bloomberg (Canada)]
ABSA GROUP LTD S/ADR (AGRPY)
NASDAQ:AMEX Investor Relations:
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Source: BNN Bloomberg
months of a Covid-19 lockdown three years ago, amid continuing power cuts and congestion at the nation's ports. An index tracking expected business conditions in six months time fell to 41 in November, signaling that purchasing managers expect business conditions to deteriorate, according to Absa Group Ltd.'s Purchasing Managers' Index, compiled by the Bureau for Economic Research. The index stood at 43.4 in October. “Congestion at South Africa's ports is seemingly resulting in a slower delivery of supplies,” Absa said in a statement. “Beyond issues with logistics, the recent ramp-up in the intensity of loadshedding, following some weeks of respite, may also have depressed forward-looking sentiment,” it said, using the local term for power outages. The overall Purchasing Managers Index improved to 48.2 in November from 45.4 in October, Absa said. Despite the first increase in two months, the index remains in negative territory. The supplier deliveries index rose to the highest
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