Hits & Misses

Unemployment down, manufacturing up, but petrol price hike looms

THE unemployment rate declined for a third consecutive quarter even as record power outages disrupted business and weighed on economic output. The official jobless rate decreased to 32.9% in the three months through September from 33.9% in the previous quarter, said Stats SA. The improvement means South Africa’s jobless rate is now third worst on a list of 82 countries and the eurozone monitored by Bloomberg. It had been at the top of the list since the second quarter of 2021.

MANUFACTURING activity expanded in November as business activity and new orders improved for the second month in a row, a survey showed. The seasonally adjusted Absa purchasing managers’ index rose to 52.6 points from 50.0 in October.

FASHION retailer Truworths International will list on the A2X this week as the number of companies on the alternative exchange increases. The company’s shares will be available from tomorrow, and the listing on the alternative exchange will not affect its share capital on the JSE and the Namibian Stock Exchange.

CONFIDENCE among agricultural businesses fell to the lowest level since the height of Covid restrictions as factors including power cuts and animal disease outbreaks weigh on sentiment. A confidence index compiled by the Agricultural Business Chamber and the Industrial Development Corporation dropped to 49 in the final three months of the year — the first time it has been below the neutral 50 mark since the second quarter of 2020.

PETROL prices are likely to increase by up to 33c/l this week, dealing a further blow to already burdened consumers. The Automobile Association said that for both grades of petrol, the increase in international product prices added between 60c/l and 71c/l to the rising costs. However, the stronger rand may have cushioned the blow.

SOUTH Africans are forking out over R500 more each month for basic food items compared with a year ago, according to the latest Household Affordability Index compiled by the Pietermaritzburg Economic Justice and Dignity Group. BusinessLIVE, Bloomberg and Reuters