South African Factory Mood Slumped Before Election, Absa Says
- Expected business index up on hope of a ‘favourable’ election
- Manufacturing sentiment falls on election uncertainities
A production line in Durban, South Africa.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
Sentiment among South African manufacturers slumped in May as businesses paused orders to await the results of last week’s election.
The Purchasing Managers’ Index fell to 43.8 in the month — the third time it’s been in contractionary territory this year — compared with 54 in April as business activity and new sales orders were hit by weaker demand, Absa Group Ltd. said on Monday.