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Minimal changes to October's South African PMI
Business Week quotes Bloomberg's report that, according to a statement from Kagiso Tiso Holdings, South Africa's seasonally adjusted purchasing managers' index (PMI) was little changed in October, staying close to 50 for a second month, as expansion in manufacturing remained weak. The index advanced to 50.5 from a revised 50.2 the month before, the highest in four months.
According to the Business Week report, manufacturing, which makes up about 15% of gross domestic product (GDP), is up, as companies boosted output to make up for lost production after it slumped in the second quarter, following a series of strikes in the chemical, petroleum and mining industries. However, Europe, which buys about a third of SA's manufactured exports, is in the midst of a debt crisis and that may undermine that recovery.
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