South African factory mood bleak in March as Iran war pressures start to build
South African manufacturing sentiment remained weak in March, with respondents in a purchasing managers' index (PMI) survey expressing concern about the impact of the Iran war although business activity is yet to take a serious knock.
Source: Reuters.
* The seasonally-adjusted PMI sponsored by Absa edged up to 49.0 points in March from 47.4 in February, but it stayed below the neutral 50 mark. * A reading below 50 reflects an overall deterioration in business conditions for manufacturers. * Absa said in a statement that the rise in the headline index probably did not reflect stronger demand, with new sales orders still weak. * Slower supplier deliveries likely pointed to supply chain and logistical problems, it said.