/ 1 February 2010

SA January PMI rises

South Africa’s purchasing managers’ index (PMI) rose to a seasonally adjusted 53,6 points in January, its sixth straight gain, hinting at an improved outlook for new jobs this year, Kagiso Securities said on Monday.

The January figure means the key measure of manufacturing activity has now been above the key 50 mark that divides expansion from contraction, for the third month in a row.

“Although one should not get too exited about a single month’s data, the level of the index suggests an improved outlook for factory job creation at the start of 2010,” said Andre Coetzee, head of fixed income at Kagiso Securities. — Reuters