South Africa's Manufacturing Sentiment Declines in February

South Africa's manufacturing sentiment experienced a slight decline in February, according to a statement released by Absa Group Limited on Monday. According to Jin10, the Absa Purchasing Managers' Index, compiled by the Bureau for Economic Research, fell from 48.7 in January to 47.4 in February. This decrease offsets some of the strong gains from the previous month and further positions the index below the 50-point mark, which separates expansion from contraction. Absa noted that this indicates a potential rebound in production at the beginning of the year failed to sustain. The intermittent nature of manufacturing output is also reflected in official data, which does not bode well for long-term capacity expansion, investment growth, or employment increases.