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South African manufacturing exercise contracted for the fifth consecutive month in June as a result of a worsening of enterprise situations, a survey confirmed on Monday.
The seasonally-adjusted Absa Buying Managers’ Index (PMI) fell to 47.6 factors in June from 49.2 factors in Might, transferring additional under the 50-point mark that separates enlargement from contraction.
“A key drag on the sector appears to return from weak demand, with the brand new gross sales orders index edging down as soon as once more because the decline in export gross sales deepened and home demand stays underneath strain,” Absa stated in an announcement.
Nevertheless, the survey signalled that enterprise situations will enhance by the tip of the 12 months, Absa added.
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