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01 Dec 2009 11:33
South Africa’s purchasing managers’ index (PMI) rose to a seasonally adjusted 50,3 points in November, breaking through the 50 mark and signalling expansion for the first time in more than a year, sponsor Kagiso Securities said on Tuesday.
The key measure of manufacturing activity increased from 47,6 in October to its highest level since April 2008, trailing the global PMI that returned to growth several months ago.
“November saw the fourth consecutive gain for the PMI and ended a run of 18 months of below 50 index-point readings,” Andre Coetzee, head of fixed income at Kagiso, said.
“In the history of the PMI [since 1999], this has by far been the longest, and most severe, decline for the South African factory sector.”
Official data last week showed a rebound in manufacturing helped the economy pull out of recession in the third quarter. The sector grew 7,6% compared with the previous quarter after collapsing on a global downturn.—Reuters
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