Absa PMI up in July as new sales orders rise

South Africa‘s seasonally adjusted Absa Purchasing Managers’ Index (PMI) rose in July supported by an uptick in new sales orders and business activity, a survey showed on Wednesday.

The index, which gauges manufacturing activity in Africa‘s most industrialised economy, rose to 51.5 points last month from 47.9 in June. The 50-mark separates contraction from expansion.

“The recovery was driven by an improvement in demand, as reflected by the increase in the new sales orders index. The uptick in demand filtered through to higher business activity,” Absa said in a statement.