Absa PMI contracts in August
JOHANNESBURG - South Africa’s seasonally adjusted Absa Purchasing Managers’ Index (PMI) declined in August, as business activity and new sales orders slumped, a survey showed on Monday.
The index, which gauges manufacturing activity in Africa’s most industrialised economy, fell to 45.7 in August from 52.1 in July, falling below the 50-point mark separating contraction from expansion.
All of the five major subcomponents in the index were below the neutral 50-point mark.
“Respondents continued to be fairly downbeat about exports for a third straight month, while domestic demand likely also weighed on orders,” Absa said in a statement.