Absa PMI falls in May after new sales fall

South Africa’s seasonally adjusted Absa Purchasing Managers’ Index (PMI) dipped in May, sliding back into negative terrain after two successive months of expansion in the beginning of the year, a survey showed on Friday. The index, which is compiled by the Bureau for Economic Research and gauges manufacturing activity in Africa’s most industrialised economy, fell to 49.8 in May from 50.9 in April, largely weakened by a dip in the new sales subcomponent and subdued output growth.