South African Factory Mood Sours to Worst Since Lockdown [BNN Bloomberg (Canada)]
ABSA GROUP LTD S/ADR (AGRPY)
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Source: BNN Bloomberg
Absa Group Ltd.'s purchasing managers' index, compiled by the Bureau for Economic Research, fell to 43.6 in January from 50.9 a month earlier, the Johannesburg-based lender said in an emailed statement on Thursday. That's the lowest since May 2020 and below the median of three economists' estimates in a Bloomberg survey of 50, indicating a contraction in an industry that accounts for about 15% of South Africa's gross domestic product. “Outside of the global financial crisis in 2008-09 and the pandemic-induced lockdown period of 2020, the index has only fallen to this low level a handful of times,” reflecting a very poor start to the year for domestic manufacturers, the lender said. The main contributors to the drop in the index were the business activity, new sales orders and inventories sub-indexes. The decline in the business activity index to its lowest level since July 2021 — when the country experienced civil unrest that caused 50 billion rand ($2.7 billion) of losses to t
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