According to the BER, the seasonally adjusted Absa Purchasing Managers’ Index (PMI) declined by 0.3 index points to 47.3 in July 2023. This is the lowest level since mid-2021. After the business activity index only moved up slightly in June despite a reprieve in the intensity of load-shedding, it saw a sharp decline in July. Besides the return of more intensive power cuts, delays in receiving inputs - amid the transport disruptions on the N3 corridor through the month of July - may explain the large drop. The manufacturing hubs around Johannesburg have been particularly hard hit by the shipment delays.
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