Strikes, load-shedding, renewed fuel price pressures, and higher interest rates, have all contributed to dwindling activity levels in many primary and secondary sectors. Political grandstanding within the ruling ANC, has added a further dimension of policy and other uncertainties to the operating environment of business in general. However, according to the Absa Purchasing Manager’s Index for October 2022, the business activity index did improve from the previous month. At 48.8 points, it still indicates weak output, but this was the best reading since March 2022. Worryingly, the employment index moved against the improvement in activity with the fastest pace of job shedding in two years being recorded in October.
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