CONFIDENCE levels in the manufacturing sector remain near the low points reached during previous business cycles, as load shedding weighs on sentiment, the Q2 Absa Manufacturing Survey shows. Although sentiment has improved significantly since the record low recorded during the pandemic (5 points), historical data show that confidence has only been at these levels a handful of times (see graph below). The Q2 confidence level was unchanged at 17 since the previous quarter – lower than the trough of 20 reached during the global financial crisis. Click here to read the full article