South Africa Factory Mood Surges to Near Two-Year High
- South Africa had a full month of no rotational power cuts
- Likely return of outages souring expected business conditions
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A gauge measuring South African manufacturing sentiment rebounded to a near two-year high in April, boosted by a full month without power cuts for the first time since January 2022 and improved domestic demand.
Absa Group Ltd.’s purchasing managers’ index, compiled by the Bureau for Economic Research, exited contraction territory and climbed to 54 in April, compared with 49.2 the prior month. Analysts surveyed by Bloomberg expected the index to edge to 50.5.