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PMI declines sharply in April - report

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Cape Town - The seasonally adjusted Absa Purchasing Managers’ Index (PMI) slumped in April 2017, after a solid performance during the first quarter of 2017.

The index fell to 44.7 index points from an average of 51.9 during the first quarter. The decline was relatively broad based, with key subcomponents measuring business activity and inventories slumping to multi-year lows.

While the deterioration is worrying, the magnitude of the drop may not be reflected fully in official data as actual growth was already weaker in January and February than signalled by the higher PMI readings.

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