The Kenyan private sector recorded a historic negative growth in the month of November according to The Stanbic Bank Kenya Purchasing Managers' Index (PMI). Released on Tuesday, the PMI indicated that this was the third consecutive month that private businesses in Kenya were crippling. “The performance of Kenya's private sector started to decline in September, and the latest monthly reading is one of the weakest since the series began almost a decade ago,” the PMI indicated. Due to the record negative growth, the PMI noted that companies fired workers at the fastest rate since 2020. Only 17 per cent of Chief Executive Officers (CEOs) in the private sector feel a sense of optimism going into the future.

Source: Daily Nation December 05, 2023 12:19 UTC