Absa PMI climbs to highest in more than three years
The index breached the neutral 50-point mark for the first time since December, surprising economists
Activity among factory owners has climbed to its highest level in more than three years, indicating expansion in the manufacturing sector for the first time this year.
The seasonally adjusted Absa purchasing managers’ index (PMI) rose to 52.1 points in July from 46.2 in June. The last time the index was this high was in June 2016. It is also the first time this year that the index has breached the neutral 50-point mark; the PMI last came in above 50 in December 2018.