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South African factory activity contracts again in June - Absa PMI
South African manufacturing activity contracted again in June, a Purchasing Managers' Index (PMI) survey showed on Monday, reflecting weak demand.
Source: Pexels
The seasonally-adjusted PMI for the factory sector was at 45.7 points in June compared to 43.8 in May. A reading above the 50-point mark shows growth.
"Many comments from respondents flag depressed demand conditions," local bank Absa, which sponsors the survey, said in a statement.
Absa said uncertainty about the composition of South Africa's new government in the wake of the 29 May election could have also weighed on business.
"This could have extended the 'wait-and-see' approach noted in May and delayed orders," it said.
After weeks of intense deliberations, Ramaphosa announced his cabinet line-up on Sunday, 30 June 2024 bringing new coalition partners including the Democratic Alliance to his 32-minister government.
Source: Reuters
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