1 September 2023
The seasonally adjusted Absa Purchasing Managers’ Index (PMI) improved somewhat in August, rising by 2.4 points to 49.7, i.e., to just below the key 50-point mark. The increase in the headline PMI was driven by the business activity index, which jumped by almost 12 points to 50. This follows a large decline of almost 11 points in July. Although the magnitude of the rise in business activity gives an impression of some strength here, at 50, the index is pointing to flat month-on-month manufacturing output growth in August.