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Absa PMI contracts in August

Business activity and new sales orders slumps.

South Africa‘s seasonally adjusted Absa Purchasing Managers’ Index (PMI) declined in August, as business activity and new sales orders slumped, a survey showed on Monday.

The index, which gauges manufacturing activity in Africa‘s most industrialised economy, fell to 45.7 in August from 52.1 in July, falling below the 50-point mark separating contraction from expansion.

All of the five major subcomponents in the index were below the neutral 50-point mark.

“Respondents continued to be fairly downbeat about exports for a third straight month, while domestic demand likely also weighed on orders,” Absa said in a statement.

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