PMI falls to an all time low
JOHANNESBURG – Business activity in the South African manufacturing industry ground to a halt in April during the nationwide lockdown, plunging the Absa Purchasing Managers’ Index (PMI) index to an all-time low.
President Cyril Ramaphosa announced a three-week nationwide lockdown at the end of March, which was later extended by a further two weeks, in a bid to curb the spread of the coronavirus.
Absa said today that the PMI survey crashed to a mere 5.1 index points in April with almost all respondents reporting a decline in activity compared to the previous month.
Source: iol.co.za