Seifsa encouraged by Absa PMI improvement

The Steel and Engineering Industries Federation of Southern Africa (Seifsa) is encouraged by the improvement in the Absa Purchasing Managers Index (PMI) for April, released on Wednesday, with the data showing that businesses are slowly responding to a buoyant consumer, business and investor confidence. Seifsa chief economist Michael Ade said in a statement that, following President Cyril Ramaphosa’s election in December, domestic economic data was expected to catch up with growing domestic sentiments resulting from the African National Congress’ elective conference.