South African Manufacturer Mood Dips on New Lockdown Rules
- Absa PMI level dropped to 57.4 in June from 57.8 in May
- Purchasing managers less optimistic about future conditions
Workers sew garments at a factory in Cape Town, South Africa.
Photographer: Dwayne Senior/BloombergThis article is for subscribers only.
An index measuring South African manufacturing sentiment dipped less-than-expected in June as the country reimposed strict lockdown measures to curb the spread of coronavirus infections.
Absa Group Ltd.’s purchasing managers’ index, compiled by the Bureau for Economic Research, fell to 57.4 from 57.8 in May, the Johannesburg-based lender said Thursday in an emailed statement. The median of four economists’ estimates in a Bloomberg survey was 56.5.