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Barclays announces Purchasing Managers' Index sponsorship
30 July 2015
Barclays is proud to announce a new partnership with the Bureau for Economic Research at Stellenbosch University in support of South Africa’s monthly manufacturing Purchasing Managers’ Index (PMI), a leading economic indicator. Barclays will commence sponsorship of the PMI from 01 August 2015.
The index, now known as the Barclays Purchasing Managers Index (PMI), is an established and important indicator of business conditions in South Africa. The index was previously known as the Kagiso PMI.
“The PMI is a reliable leading indicator for actual South African manufacturing production as well as trends in the broader economy,” says Jeff Gable, head of Africa non-equity research at Barclays Africa.
Barclays’ support for the index is in recognition of the importance of the manufacturing sector, which contributed 13.9% to South Africa’s gross domestic product last year. It is also in recognition of the importance of the PMI in monitoring the health of the sector.
“The survey has sound academic foundations and is compiled on a monthly basis by the BER in association with the Chartered Institute of Purchasing and Supply Southern Africa (CIPS). Since its inception in 1999, the manufacturing PMI has become one of the key releases on the monthly data calendar and is used by business people, analysts and policy makers”, says Prof Ben Smit, director of the Bureau for Economic Research.
Released on the first working day of every month, the index is compiled based on a survey of purchasing managers in the manufacturing sector. The survey gauges monthly changes in business conditions including production, sales orders and employment, among other factors.