South Africa's purchasing managers' index (PMI) rose for a second month in a row last month, indicating the worst of the dip in the manufacturing sector might be over, a Kagiso Securities survey showed yesterday.
But output was still weak. The index for June ticked up to 37.9 points on a seasonally adjusted basis, compared with May's 37.3 points.
"Although the May and June PMI data show the worst of the factory recession may be over, low index levels hint that positive growth is not on the cards any time soon," said Andre Coetzee of Kagiso. - Reuters