South Africa’s July Absa PMI signals slower manufacturing improvement

PUBLISHED: Mon, 03 Aug 2020 12:13:33 GMT
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JOHANNESBURG (Reuters) – South Africa’s seasonally-adjusted Absa Purchasing Managers’ Index (PMI) expanded in July, although at a slower rate compared to the previous month.

The index, which gauges manufacturing activity in Africa’s most industrialised economy, fell to 51.2 points in July from 53.9 points in June, remaining above the 50-point mark that separates expansion from contraction.

The business activity sub-index ticked down slightly to 62.9 from 64.6 in June, Absa said in a statement on Monday.

The employment sub-index showed the manufacturing sector was still shedding jobs even with activity recovering.

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