South Africas Absa PMI Extends Recovery in October

South Africa’s seasonally-adjusted Absa Purchasing Managers’ Index (PMI) recovered further in October, as some respondents suggested demand was approaching pre-COVID lockdown levels and businesses upped their inventories, a survey showed on Monday.

The index, a gauge of manufacturing activity in Africa’s most industrialised economy, rose to 60.9 points in October from a revised 58.5 points in September, remaining above the 50-point mark that separates expansion from contraction.

Reporting by Mfuneko Toyana Editing by Alexander Winning

Source: Reuters