December 2, 2019 / 9:47 AM / 10 days ago

South Africa's Absa PMI slips to 47.7 in November

JOHANNESBURG (Reuters) - South Africa’s seasonally adjusted Absa Purchasing Managers’ Index (PMI) fell further into contraction territory in November as business activity and new sales orders slowed, the survey showed on Monday.

The index, which gauges manufacturing activity in Africa’s most industrialised economy, fell to 47.7 in November from 48.1 points in October, well below the 50-point mark that separates expansion from contraction.

“The weak readings on the business activity index seen in the fourth quarter so far argue against a strong, if any, recovery in manufacturing output,” Absa said in a statement.

Reporting by Mfuneko Toyana; Editing by Toby Chopra

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