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Kagiso's PMI's marginal increase shows lack of buoyancy
The Kagiso Purchasing Managers' Index (PMI) increased marginally in October to 50,5 points, implying that there has been some expansion in activity by the increase is so marginal that economists are still concerned about the lack of growth in manufacturing according to the Mail & Guardian.
It quotes Chris Hart, chief economist at Investment Solutions as saying that this rise in the index is not an indication of the type of growth that is needed in South Africa.
According to Mail & Guardian, Hart predicts that manufacturers will continue to struggle for the medium-term particularly as Europe attempts to steady is finances. He says that sluggish growth in the South African economy, coupled with above-inflation-rate wage increases will place additional stresses on the country's recovery.
Hart says that traditionally the PMI rises in the third quarter as manufacturers gear up for the festive season buying spree.
For more:
- Mail & Guardian: Weak PMI figures signal economic stagnancy
- Kagiso: Kagiso PMI remains largely unchanged at 50.5
