South Africa Factory Mood Leaps as Political Uncertainty Clears
Overall Purchasing Managers Index Increased
Thu August 1, 2024 5:45 AM EDT
South African manufacturers sentiment improved more than expected in July as political uncertainty cleared. The overall Purchasing Managers Index increased to 54.5 in July, up from 52.7 in June. This was the highest reading since January 2018.
The improvement in sentiment was driven by an increase in new orders and production. New orders rose to 57.7 in July, up from 54.2 in June. Production increased to 56.2, up from 53.5. Employment also increased, rising to 52.3 from 51.8.
The improvement in sentiment is a positive sign for the South African economy. It suggests that businesses are becoming more optimistic about the future and are planning to invest and expand.
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