The seasonally adjusted Absa Purchasing Managers’ Index (PMI) recorded a solid increase in November, gaining 3.6 points to 57.2, making it the highest level for the headline PMI since before the third wave of Covid-19 infections and the social unrest shock in July. At 55.4, the average headline PMI reading for October and November is up notably from the 51.5 recorded in the third quarter of this year. After a very poor third quarter, Absa says this “bodes well for a recovery in actual manufacturing production” in the fourth quarter.
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