South Africa’s Absa PMI Remains in Contraction in September

Enterprise Television – South Africa’s Absa PMI Remains in Contraction in September

South Africa’s seasonally adjusted Absa Purchasing Managers’ Index (PMI) fell slightly in September, weighed down by a fall in new sales orders and employment, a survey showed on Monday.

Report reveals the company’s index was at 43.2 in September from 43.4 in August, staying below the 50-mark separating contraction from expansion.

The index fell to a 13-month low in August.

“As respondents still noted an improvement in export orders, the weakness is more than likely driven by poor domestic demand conditions, including from the South African mining and retail sectors,” Absa said in a statement.

“The employment index lost further ground in September and is now at its lowest level in more than four years.”

 

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