South African factory mood improves slightly but is still depressed, survey shows

JOHANNESBURG (Reuters) -A gauge of South African manufacturing sentiment showed signs of improvement in June, reaching its second-highest level this year though output remains weak and logistical challenges remain, a survey showed on Tuesday.

The seasonally-adjusted purchasing managers’ index (PMI) sponsored by South African bank Absa rose to 48.5 points in June from 43.1 in May.

The PMI has now been below 50 for eight consecutive months, reflecting decreased manufacturing activity in Africa’s most industrialised economy.

(Reporting by Sfundo Parakozov;Editing by Alexander Winning)