Factory activity slows in November

The Absa Purchasing Managers Index has edged lower in November. The index fell to 47.7 points from 48.1 previously. This as four of the five subcomponents of the headline PMI recorded month-on-month declines. The slump in business activity dashes hope for any meaningful rebound in the overall index but it appears that industry players are at least less pessimistic about the near term future - the index tracking expected business conditions in six months picked up after declining for the last five months. Business Day TV caught up with Miyelani Maluleke, Economist at Absa for greater perspective on what the print suggests for the manufacturing industry and its contribution to growth.