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South African factory activity rises in July - Absa PMI

South African manufacturing activity rose in July, a Purchasing Managers' Index (PMI) survey showed on Thursday, as both domestic and global demand picked up.

By Bhargav Acharya

1 Aug 2024

Image source: cottonbro studio from Pexels

The seasonally-adjusted PMI for the factory sector was at 52.4 points in July compared to 45.7 in June. A reading above the 50-point mark shows growth.

"In these months (May and June), significant policy uncertainty remained and hurt demand," local bank Absa, which sponsors the survey, said in a statement, referring to South Africa's national election in May and its aftermath.

The business activity sub-index and new sales orders also rose in July.

"The improvements suggest that on-hold orders are now being realised and translated into better activity," Absa said.

Source: Reuters

Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.

Go to: https://www.reuters.com/