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Investing.com -- South African manufacturers have reported a decline in business conditions for the third consecutive month in January, according to a local purchasing managers’ index (PMI) survey released on Monday.
The PMI, backed by South African bank Absa, dropped to 45.3 points in January, down from 46.2 in December.
This marks a further decline below the 50-point threshold, which distinguishes growth from contraction.
Absa noted in a statement that the momentum loss observed at the end of 2024 has not reversed at the beginning of the year.
The bank also mentioned that while activity and demand have seen some improvement from low levels, they remain in contractionary territory.
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