February 1, 2018 / 9:12 AM / 10 months ago

South Africa's Absa PMI rises in January to hit 9-month best

JOHANNESBURG, Feb 1 (Reuters) - South Africa’s seasonally adjusted Absa Purchasing Managers’ Index rose in January to its best reading in nine months as business activity recovered and new sales orders increased, a survey showed on Thursday.

The index, which is compiled by the Bureau for Economic Research and gauges manufacturing activity in Africa’s most industrialised economy, rose to 49.9 in January from 44.9 in December.

“This is the best reading since May 2017 and the 5-point rise more than makes up for the 3.7-point slump experienced in December,” Absa said in a statement. (Reporting by Olivia Kumwenda-Mtambo; Editing by James Macharia)

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