Absa PMI rises above 50 in August.
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Financial institution Absa’s seasonally adjusted Purchasing Managers’ Index (PMI) rose to 52.1 points in August from 47.6 in July.
Following a tough start to the third quarter, an easing in the intensity of load-shedding meant that conditions in the manufacturing sector improved in August relative to July, the bank said on September 1.
Absa also reported that the business activity index rose back above the neutral 50-point mark for the first time since March. Since then, output had been hampered by the flooding in KwaZulu-Natal and significant electricity supply disruptions.
New sales orders continued to decline in August, the bank stated, but at a slower rate than before.
Following a tough start to the third quarter, an easing in the intensity of load-shedding meant that conditions in the manufacturing sector improved in August relative to July, the bank said on September 1.
Absa also reported that the business activity index rose back above the neutral 50-point mark for the first time since March. Since then, output had been hampered by the flooding in KwaZulu-Natal and significant electricity supply disruptions.
New sales orders continued to decline in August, the bank stated, but at a slower rate than before.
