South Africa’s Absa PMI contracts in August

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JOHANNESBURG (Reuters) – 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.

Reporting by Olivia Kumwenda-Mtambo

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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