{"id":34608,"date":"2022-08-01T16:48:32","date_gmt":"2022-08-01T16:48:32","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-factory-mood-hits-lowest-level-since-july-unrest"},"modified":"2022-08-01T16:58:01","modified_gmt":"2022-08-01T16:58:01","slug":"sa-factory-mood-hits-lowest-level-since-july-unrest","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-factory-mood-hits-lowest-level-since-july-unrest","title":{"rendered":"SA factory mood hits lowest level since July unrest"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>An index measuring South African factory sentiment plunged to a year low because of nationwide power cuts and slowing global economic growth affecting its major trading partners.<\/p>\n

Absa’s purchasing managers’ index (PMI), compiled by the Bureau for Economic Research, fell to 47.6 from 52.2 in June, the Johannesburg-based lender said on Monday in an emailed statement. The median of four economists\u2019 estimates in a Bloomberg survey was 50.4.<\/p>\n

The gauge is below 50, which indicates contraction in activity, for the first since July last year, when a week of deadly riots, looting and arson disrupted supply chains, industrial output and demand for manufactured goods. The sub-index measuring expected business conditions in six months\u2019 time dipped below the neutral level of 50 for the first time since the second quarter of 2020, when South Africa was in the strictest phase of its Covid-19 lockdown.<\/p>\n

The PMI drop is a bad start to the third quarter for the manufacturing sector, which accounts for 13% of the country\u2019s gross domestic product. Factory output already shrank on a year-on-year basis in three of the five months of 2022 for which data has been published.<\/p>\n

State-owned power utility Eskom implemented rolling blackouts on 22 days in July, which is likely to have affected production, Absa said. However, the majority of survey responses were received before President Cyril Ramaphosa announced significant energy reforms last week in a bid to end the 14-year-old power crisis. The plan was generally well received and could have countered some of the pessimism about future conditions, the lender said.<\/p>\n

The purchasing price subindex dropped to the lowest level since November, signaling slower cost increases. While South Africa\u2019s inflation rate hit a 13-year high in June and is projected to go even higher, the sub-index\u2019s move show price pressure at the start of the production pipeline likely peaked earlier this year, Absa said<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. An index measuring South African factory sentiment plunged to a year low because of nationwide power cuts and slowing global economic growth affecting its major trading partners. Absa’s purchasing managers’ index (PMI), compiled by the Bureau for Economic Research, fell to 47.6 from 52.2 in June, the Johannesburg-based lender said on Monday […]<\/p>\n","protected":false},"author":84,"featured_media":34607,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[1295,274,315,2903,2902,2430,303,275],"class_list":["post-34608","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-absa","tag-africa-press","tag-africa-press-south-africa","tag-ber","tag-factory-pmi","tag-july-unrest","tag-load-shedding","tag-south-africa-2"],"yoast_head":"\nSA factory mood hits lowest level since July unrest - South Africa<\/title>\n<meta name=\"description\" content=\"An index measuring South African factory sentiment plunged to a year low because of nationwide power cuts and slowing gl ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-factory-mood-hits-lowest-level-since-july-unrest\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SA factory mood hits lowest level since July unrest\" \/>\n<meta property=\"og:description\" content=\"An index measuring South African factory sentiment plunged to a year low because of nationwide power cuts and slowing gl ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-factory-mood-hits-lowest-level-since-july-unrest\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-01T16:48:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-01T16:58:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2022\/08\/postQueueImg_4.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-factory-mood-hits-lowest-level-since-july-unrest#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-factory-mood-hits-lowest-level-since-july-unrest\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"SA factory mood hits lowest level since July unrest\",\"datePublished\":\"2022-08-01T16:48:32+00:00\",\"dateModified\":\"2022-08-01T16:58:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-factory-mood-hits-lowest-level-since-july-unrest\"},\"wordCount\":327,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-factory-mood-hits-lowest-level-since-july-unrest#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2022\/08\/postQueueImg_4.jpg\",\"keywords\":[\"absa\",\"Africa Press\",\"Africa Press-South-Africa\",\"ber\",\"factory.pmi\",\"july unrest\",\"load shedding\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-factory-mood-hits-lowest-level-since-july-unrest#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-factory-mood-hits-lowest-level-since-july-unrest\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sa-factory-mood-hits-lowest-level-since-july-unrest\",\"name\":\"SA factory mood hits lowest level since July unrest - 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