SA HSBC PMI falls to record low

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IOL economy arrows Filomena Scalise

Johannesburg - Business conditions in South Africa's private sector deteriorated further in July, with HSBC's Purchasing Managers' Index (PMI) falling to a record low of 46.4 in the month, as recent strikes in the mines and metals industries hit demand.

“This highlights the debilitating impact of the four-week metals and engineering strike, the hangover from the five-month platinum strike, and the indirect effects of labour unrest on other sectors in the economy,” HSBC economist David Faulkner said. - Reuters

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