Picture: SUPPLIED
Picture: SUPPLIED

The Absa purchasing managers index (PMI) slumped to the lowest level in three months. The June index fell deeper into contractionary territory.

Business Day reported that the Absa-sponsored monthly manufacturing PMI, done by Stellenbosch University’s Bureau for Economic Research (BER), showed a 1.9-point drop to 47.9 points in June, continuing a decline from 49.8 points in May.

The move does not bode well for the economy, whose growth in the first quarter waned, Business Day reported.

Absa economist Miyelani Maluleke spoke to Business Day TV about the PMI’s trajectory and what it means for the sector and economy at large.

Absa economist Miyelani Maluleke talks to Business Day TV about the PMI’s trajectory and what it means for the sector and economy at large

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