The Absa PMI is an important leading indicator of domestic manufacturing activity and will provide an update on industry sentiment today. The Absa Purchasing Managers’ Index reversed its recent progress, slipping back into contractionary territory at 48.1 points in November from 52.6 points in October. At face value, a fallback in the PMI is a disappointing outcome, suggestive of an economy struggling to sustain a GNU-led recovery. However, it is worth keeping in mind that PMI data has been volatile. Looking ahead, demand could hold firm amidst lower interest rates, slowing inflation and two-pot retirement withdrawals. Nevertheless, there is little to suggest that a strong recovery across the manufacturing sector will play out in 2025 as de-industrialisation has become a feature of the industry