South Africa's manufacturing sector growth slowed for the second consecutive month in April, data from a survey by the Kagiso Group showed Thursday.
The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector dropped to 53.7 in April from 55.1 in March. In February, the reading was 57.9. A PMI reading above 50 indicates expansion in the sector, while one below suggests decline. Economists were looking for a reading of 53.6.
New orders received by South African manufacturers increased at a notably slower pace in April, while inventory stabilized at March's high levels.
Input price inflation in the sector slowed during the month. Employment declined further in April, though at a slower rate compared to February.
The outlook component of the index showed that the headline index is likely to moderate further in the coming months, the agency said.
by RTT Staff Writer
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