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South African Factory Mood Improves to Best Level in 23 Years

  • Purchasing managers’ index rose to 60 in March, from 58.6
  • Managers less optimistic about conditions in six months time

An index measuring South African manufacturing sentiment rose to the highest level in almost 23 years in March though its advance may soon be halted, with survey respondents less optimistic about business conditions toward the end of the year. 

Absa Group Ltd.’s purchasing managers’ index, compiled by the Bureau for Economic Research, climbed to 60, from 58.6 month earlier. That’s the highest monthly reading since record keeping began in September 1999. The median of six economists’ estimates in a Bloomberg survey was 58.3.