The Absa manufacturing PMI moved further into sub-50 territory (for a fifth consecutive month) in February, with a reading of 44.7 points from 45.3 points in January. The latest print was largely in line with consensus expectations of 44.7 points.

Econometrix’s measure of the PMI also declined to 43.2 points in February from 45.7 points in January.

The disappointing BER PMI reading was mainly due to deteriorations in the ‘business activity’ and ‘new sales orders’ indices after both reported slight improvements in January.

‘Business activity’ fell to 40.6 points in February from 43.5 points in January amidst lower demand and material input supply problems. ‘New sales orders’ declined to 38.7 points from 42.0 points in January due to lower export sales.