Kenya: PMI falls in October
The S&P Global Purchasing Managers’ Index (PMI) came in at 46.2 in October, down from September’s 47.8. As such, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in private-sector operating conditions compared to the previous month.
The reading was dragged down by lower new orders and reduced activity amid slowing demand. Moreover, October saw the joint-fastest decline in employment since June 2022.
On the price front, both input and output prices increased at a record pace. While input costs increased as a result of higher fuel prices and currency weakness, output prices increased as companies tried to maintain their margins. Finally, sentiment regarding the economic situation in the next 12 months remained around September’s levels.