Absa PMI falls to lowest in over a decade

South Africa‘s seasonally-adjusted Absa Purchasing Managers’ Index (PMI) fell deeper into contraction territory in February, sliding to its lowest since the 2009 global financial crisis as new sales business activity tanked, the survey showed on Monday.

The index, which gauges manufacturing activity in Africa‘s most industrialised economy, fell to 44.3 points in February from 45.2 in January, remaining below the 50-point mark separating contraction from expansion for a seventh straight month.