The past week was dominated with inflation expectations as everybody waits to hear if the Reserve Bank will cut the repo rate.
On the economic front the past week again had a mixed bag of positive and negative results, with manufacturing growing a bit, but mining still declining, while inflation expectations supported the hope that the Reserve Bank will cut the repo rate next Thursday.
Mamello Matikinca-Ngwenya, Siphamandla Mkhwanazi, Thanda Sithole and Koketso Mano, economists at FNB, say manufacturing output, not seasonally adjusted, increased by 1.7% in July, rebounding from a 5.5% contraction in June. In contrast, production of motor vehicle parts and accessories weighed the most on output . She also says this rebound was foreshadowed by the July Absa PMI, which signalled a strong start to the third quarter after a weak May and June.
Jee-A van der Linde, senior economist at Oxford Economics Africa, points out that the mining sector detracted from second-quarter gross domestic product and that is likely to be the case in the third quarter as well.
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