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Manufacturing activity slows

Posted On Saturday, 02 September 2006 02:00 Published by
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MANUFACTURING activity slowed last month for the first time since January, but remained strong after scaling a record peak the previous month, according to the country’s Purchasing Managers Index.

Reuters

MANUFACTURING activity slowed last month for the first time since January, but remained strong after scaling a record peak the previous month, according to the country’s Purchasing Managers Index.

The PMI Index fell to 59,8 from 63,2 in July on a seasonally adjusted and annualised basis, sponsors Investec said on Friday.

"Despite the moderation in the Investec PMI, the overall index, as well as the individual components, remains at elevated levels," said Andre Roux, head of fixed income at Investec Asset Management.

"Growth in the manufacturing sector is strong, even though it is no longer accelerating," he said in a statement.

Manufacturing accounts for more than 16% of the continent’s biggest economy.

Roux told Reuters the slowdown was likely to continue but was not a cause for concern, given its rapid pace over the past few months.

"The trend will probably carry on with a slight softening of the index in line with the global slowdown," he said.


Publisher: Business Day
Source: Business Day
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