Factories sector ‘deep in doldrums’

2008-07-01 00:00

The latest Investec Purchasing Managers’ Index (PMI) figures show manufacturing is deep in the doldrums, with the seasonally adjusted business activity index lower than in 2003, when the sector was in recession.

“A sharp slowdown in … activity contributed … to the decline in the overall index. The seasonally adjusted business activity index fell to 38,7, lower than the readings posted in 2003 when the sector was in recession,” said André Roux, head of fixed income at Investec Asset Management.

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