Johannesburg - South Africa's Purchasing Managers' Index rose in October after a sharp fall a month ago, peeping above the 50 level which marks the difference between contraction and expansion.
The PMI, a measure of factory activity before official data, was at 50.7 in October from a revised 50 in September, sponsor Kagiso Tiso Holdings said.
The modest recovery came after the index fell to an 8-month low in September as a strike in the auto sector hurt new sales orders. But it still remained below the average reading of 52.7 for the third quarter of 2013, Kagiso said.
“Conditions remain restrained as some labour disputes (from September) spilled over into October,” said Abdul Davids, head of research at Kagiso Asset Management. - Reuters