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PMI up on signs of US recovery

Johannesburg - The purchasing managers' index (PMI) increased in June, staying above the 50 point mark for the third straight month, partly on signs of a recovery in the US economy.

The PMI was at 51.6 in June from 50.4 in May, data from the survey's sponsor, Kagiso Tiso Holdings, showed on Monday.

However, research head at Kagiso Asset Management, Abdul Davids, said the manufacturing sector was still under pressure.

"While the latest PMI results show that conditions improved marginally, the outlook for the sector is expected to remain challenging in an environment of muted demand and relatively high input prices," Davids said in a statement. 
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