December 1, 2017 / 9:03 AM / a year ago

South Africa's Absa PMI rises to six-months high in November

JOHANNESBURG, Dec 1 (Reuters) - South Africa’s seasonally adjusted Absa Purchasing Managers’ Index (PMI) rose in November to its highest level in six months as business activity improved further, a survey showed on Friday.

The index, which is compiled by the Bureau for Economic Research and gauges manufacturing activity in Africa’s most industrialised economy, rose to 48.6 in November from 47.8 in October.

“This was the fourth consecutive increase and brought the index to the best level since May 2017. However, the PMI remained stuck below the neutral 50-point mark for a sixth straight month, suggesting that the sector still faces headwinds,” Absa said in a statement. (Reporting by Olivia Kumwenda-Mtambo; Editing by Ed Cropley)

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