Kenya: PMI eases in September
The S&P Global Purchasing Managers’ index (PMI) came in at 47.8 in September, down from August’s 50.6. As a result, the index dropped below the 50.0 no-change threshold, signaling a deterioration in sector operating conditions from the previous month.
Output and new orders fell, largely due to cost pressures dampening demand. Additionally, workers were fired, and inventories were cut for the first time in seven months. Input and output costs increased during the month, with the former rising at the second-sharpest rate on record due to rising fuel bills and currency weakness. Finally, sentiment regarding the economic situation in the next 12 months remained around August’s five-month high.