November 1, 2017 / 9:29 AM / 3 years ago

South Africa's Absa PMI rises to 47.8 in October

A man (L) walks past a branch of South African retailer Pick n Pay in Johannesburg October 20, 2010. REUTERS/Siphiwe Sibeko/File Photo

JOHANNESBURG (Reuters) - South Africa’s seasonally adjusted Absa Purchasing Managers’ Index (PMI) rose to its best level in five months helped by an increase in new sales orders, a survey showed on Wednesday.

The index, which is compiled by the Bureau for Economic Research and gauges manufacturing activity in Africa’s most industrialised economy, rose to 47.8 in October from 44.9 in September.

“This was the third consecutive increase and brought the index to the best level since May 2017. Nonetheless, the PMI remained stuck below the neutral 50-point mark,” Absa said in a statement.

Reporting by Olivia Kumwenda-Mtambo; Editing by James Macharia

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