Manufacturing will be under pressure because of currency strength, it will hold the sector back and put the handbrake on keeping growth from reaching its potential level.
More Quotes from Colen Garrow:
What the bank is more likely to do (than cut rates) is intensify its moral suasion in support of a more competitive exchange rate.Colen Garrow
Fiscal relief may be the ammunition necessary to drive consumption expenditure but with it not being accompanied by aggressive monetary relief, growth in household consumption expenditure is showing signs of consolidation.
Colen Garrow
In short, more South Africans employed suggests more disposable income and more money being spent on retail goods.
Colen Garrow
This has, however, since been replaced by a cycle of higher trending growth, underpinned by record confidence the lowest consumer interest rates since 1983 almost R89bn in personal income tax cuts since 1995 and generally sound macroeconomic, monetary and fiscal stability.
Colen Garrow
It's a modest number but it could be better were it not for the rand. The sector is growing on strength of local demand and it does look as though global manufacturing is pulling itself out of a slump - but we are not out of the doldrums yet.
Colen Garrow
Interestingly, the forecast for December may be little changed from the previous month, around 3.7, bringing the average for 2005 to less than 4.0, a highly respectable figure.
Colen Garrow
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