July 01, 2022 09:24 GMT
- The June South African manufacturing PMI weakened by 2.6 points in June to 52.2, remaining a couple of points above the breakeven of 50. Despite remaining in expansionary territory, the June Absa manufacturing PMI survey noted substantial downturns in domestic demand.
- Business activity saw output contract for the third month in a row, which implies manufacturing being a drag on Q2 GDP.
- Continued supply disruptions and raw material shortages continued to hamper South African manufacturing. Load-shedding and electricity shortages were acute and saw business outlooks slump, remaining only modestly optimistic.
- The employment index did however see improvement in June, implying five consecutive quarters of employment growth.