Absa PMI rises, but remains below 50-point mark amid persisting challenges

The Absa Purchasing Managers’ Index (PMI) increased by 1.9 points to 45.7 points in June, from 43.8 in May, but remained below the 50-point mark. Following a strong start to the second quarter, which was also reflected in solid growth in official manufacturing production data, May and June have been poor, and the business activity index average was barely higher in second quarter than in the first, the bank said.