South Africa PMI Remains Below Key Level, Signaling Contraction
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South Africa’s purchasing managers’ index remained below a key level for a third month in November, indicating that factory output probably contracted in the fourth quarter, Kagiso Tiso Holdings said.
The seasonally adjusted index rose to 49.5 from 47.1 in October, Johannesburg-based Kagiso said in an e-mailed statement today. An index level below 50 indicates a contraction in factory output. The median estimate of three economists surveyed by Bloomberg was for the index to rise to 47.6.