South Africa

Manufacturing PMI sinks to lowest level since July 2021

PMI purchase managers
Image: iStock

South Africa’s manufacturing purchasing managers’ index (PMI)for July has dropped further to its lowest level since July 2021 when devastating riots and looting shook the economy.

The July PMI reading of 47.3 sets a depressed starting point for the third quarter and considering widespread impediments to economic growth, a meaningful turnaround seems unlikely.