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Absa Manufacturing PMI Weakens in June as Domestic Demand Falls

SOUTH AFRICA
MNI (London)
EM Bulletmarkets-real-timeBulletEmerging Markets


  • The June South African manufacturing PMI weakened by 2.6 points in June to 52.2, remaining a couple of points above the breakeven of 50. Despite remaining in expansionary territory, the June Absa manufacturing PMI survey noted substantial downturns in domestic demand.
  • Business activity saw output contract for the third month in a row, which implies manufacturing being a drag on Q2 GDP.
  • Continued supply disruptions and raw material shortages continued to hamper South African manufacturing. Load-shedding and electricity shortages were acute and saw business outlooks slump, remaining only modestly optimistic.
  • The employment index did however see improvement in June, implying five consecutive quarters of employment growth.

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  • The June South African manufacturing PMI weakened by 2.6 points in June to 52.2, remaining a couple of points above the breakeven of 50. Despite remaining in expansionary territory, the June Absa manufacturing PMI survey noted substantial downturns in domestic demand.
  • Business activity saw output contract for the third month in a row, which implies manufacturing being a drag on Q2 GDP.
  • Continued supply disruptions and raw material shortages continued to hamper South African manufacturing. Load-shedding and electricity shortages were acute and saw business outlooks slump, remaining only modestly optimistic.
  • The employment index did however see improvement in June, implying five consecutive quarters of employment growth.