South Africa's manufacturing sector expanded at a slower pace in March, data from a survey by the Kagiso Group showed Monday.
The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector dropped to 55.1 in March from 57.9 in February. A PMI reading above 50 indicates expansion in the sector, while one below suggests decline.
The business activity sub-index increased at a markedly slower rate in March, making the biggest negative contribution to the headline index.
New business received by South African manufacturers increased significantly during the month, but the rate of growth slowed from the previous month. Employment in the sector continued to remain stable, while the prices index declined for the third consecutive month.
At the same time, the forward looking indicators pointed to a slightly less optimistic outlook, despite remaining at favorable levels.
by RTT Staff Writer
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