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Browsing: Employment growth
The index signalled a solid decline in operating conditions, albeit one that was slower than those seen in April 2021 and during the second quarter of 2020.
“Economic activity started 2022 on a subdued note as evidenced by the Stanbic PMI reading that fell to the lowest level in nine months. The reading was below 50 which indicated a deterioration in business conditions from December,” Kuria Kamau, Fixed Income and Currency Strategist at Stanbic Bank commented.
While export demand grew marginally, domestic demand fell significantly as client spending was negatively affected by rising inflation and a resurgence in Covid-19 due to the Omicron variant, he noted.