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PMI falls to 48,2 - its lowest level since August 2011
According to reports from Business Live, Fin24, Business Day and BER, South Africa's purchasing managers' index (PMI) fell by 5,4 points to just 48,2 in June - its lowest level since August last year - as new sales and business activity plunged. The PMI is regarded as a reliable 'health gauge' for the economy's manufacturing sector.
Abdul Davids, research head at Kagiso Tiso Holdings, which sponsors the index, says that the moderation in manufacturing production has dampened the outlook for South Africa's overall gross domestic product, report Business Live, Fin24, Business Day and BER.
For more:
- Business Live: PMI plunge points to lower GDP growth
- Fin24: PMI drops, dampening GDP outlook
- Business Day: SA factories in trouble again as PMI drops below 50
- BER: PMI
