Kenya’s private sector activity continued its upward trend and reached a new high attributed to increased demand and new hirings in August.
The Markit Stanbic Bank Kenya Purchasing Managers’ Index (PMI) rose to 51.1 in August from 50.6 in July.
Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.
“The pace of the recovery in business conditions accelerated driven by higher levels of demand and employment,” said Kuria Kamau, fixed income and currency strategist at Stanbic Bank.
“Firms were, however, unable to raise their output to meet all the additional demand and consequently, the number of backlogs rose,” Kamau added.