Nairobi, Aug. 5 -- Kenya's private-sector jobs in July expanded at the weakest pace since April when tighter Covid-19 restrictions were in force, hurt by higher taxation and fuel prices that slowed down growth in sales.
Stanbic Bank Kenya's Purchasing Managers Index (PMI) - based on feedback from corporate managers in key economic sectors such as services, manufacturing and agriculture - suggests the onset of new taxation measures in July pushed cost pressures to a 16-month high.
The firms, which were already battling elevated fuel expenses, largely passed on the additional costs to consumers, raising prices of goods and services that softened growth in demand.
"With sales growth slowing, the rate of job creation among Kenyan firms eased...