PMI signals sluggish factory growth

PMI signals sluggish factory growth

2014-01-15 13:01

Johannesburg - The purchasing managers' index ended 2013 in contraction territory, falling 2.5 points in December and signalling lacklustre manufacturing output growth.

Data from the PMI survey sponsor Kagiso Tiso Holdings showed the index fell to 49.9 in December, its weakest level in eight months which puts South Africa well below its main trading partners.

However, managers in the factory industry were optimistic about prospects for the first half of this year, mostly due to a positive outlook for the global economy in 2014.