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JOHANNESBURG, 1 September 2015 – There appears to be renewed pessimism in the economy if the August Barclays Purchasing Managers’ Index (PMI) reading is anything to go by, the Steel and Engineering Industries Federation of Southern Africa (SEIFSA) said today.
The seasonally-adjusted overall index declined by nearly 5% in August compared to July 2015. Compared to August 2014, one month after the 2014 strikes had ended, it improved by 3,4%, which is to be expected. However, when compared to August 2013, a month without distortions, the reading is still nearly 10% lower. Speaking after the release of the index, SEIFSA Chief Economist Henk Langenhoven said that the ‘business activity’ sub-index showed higher volatility again’.