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PMI below boom-or-bust line

Dec 03 2012 11:49 Reuters

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Johannesburg - South Africa's seasonally adjusted Purchasing Managers' Index (PMI) was in contraction for the third straight month in November, following a weak global economy, a survey showed on Monday.

Local PMI rose to 49.5 in November from a year-low of 47.1 in October, remaining below the key 50 level that marks contraction from expansion.

The data also suggested manufacturing would make a low contribution to gross domestic product in the final quarter of the year.

Manufacturing accounts for about 15% of South Africa's economy and is vital for creating employment in an economy where a quarter of the labour force is without work.




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