Absa PMI falls to 13-month low

The Absa purchasing managers’ index (PMI) fell to 13-month low in August driven by large declines in new sales, business activity and also possibly by talk over land reforms, a survey showed.

The index, compiled by the Bureau for Economic Research, fell to 43.4 in August from 51.5 in July, its lowest reading since July 2017 and well below the 50-mark separating contraction from expansion. –Reuters