Firms in manufacturing and trade cut workforce in May on the back of an inflation-induced drop in demand for goods and services which led the private sector to shed jobs to protect margins, a closely-watched survey suggested Monday.
Stanbic Bank Kenya’s Purchasing Managers Index (PMI) found a renewed fall in job opportunities in an environment of elevated inflationary pressure which hurt new orders, prompting firms to reduce output at levels last seen 13 months ago.
