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Johannesburg - South Africa’s purchasing managers’ index (PMI) fell slightly to 55.1 in May from 56.4 in April, sponsor Kagiso said on Wednesday.
While the index has softened somewhat since hitting a peak of 57.2 in March, the May level still suggests solid growth momentum in the factory sector, said Abdul Davids, head of research at Kagiso Asset Management.
The most disappointing indicator on the index was still employment, which declined slightly to 48.7 points, remaining below the key 50 index point mark that signifies growth.
The overall PMI, a key measure of manufacturing activity, has been above 50 since November last year.
It is a key indicator of the health of the manufacturing sector.
In China, factories expanded in May at their lowest pace in at least nine months, its PMI and another survey showed on Wednesday, reinforcing evidence that the economy is slowing under the weight of government credit curbs and power shortages.
Britain's PMI showed that manufacturing activity grew at its slowest pace in 20 months in May, and weaker export and consumer demand led to the first drop in new orders in two years, fuelling fears about the pace of the recovery.
While the index has softened somewhat since hitting a peak of 57.2 in March, the May level still suggests solid growth momentum in the factory sector, said Abdul Davids, head of research at Kagiso Asset Management.
The most disappointing indicator on the index was still employment, which declined slightly to 48.7 points, remaining below the key 50 index point mark that signifies growth.
The overall PMI, a key measure of manufacturing activity, has been above 50 since November last year.
It is a key indicator of the health of the manufacturing sector.
In China, factories expanded in May at their lowest pace in at least nine months, its PMI and another survey showed on Wednesday, reinforcing evidence that the economy is slowing under the weight of government credit curbs and power shortages.
Britain's PMI showed that manufacturing activity grew at its slowest pace in 20 months in May, and weaker export and consumer demand led to the first drop in new orders in two years, fuelling fears about the pace of the recovery.
