August data shows pickup in private sector growth

Output and job creation increased last month to put Kenya’s private sector on a higher growth path, says the latest Purchasing Managers Index (PMI) released by CfC Stanbic Bank and market research firm IHS Markit.

New orders for goods rose, showing improved business conditions, the companies said in a press statement.

“The seasonally adjusted PMI inched higher in August, posting 53.5 compared to 53.3 in July. The latest reading pointed to sustained steady growth of the private sector, following a marked slowdown at the end of the second quarter,” said CfC Stanbic and Markit.

READ: Private sector growth up for third straight month

The statement noted that August’s Index, while above June’s record low of 51.5, remained weaker than the series average of 54.8.

“The degree of improvement remained historically subdued,” said the statement.