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Private sector activity growth in August slows, firms cut staff

Growth in Kenya’s private sector activity slowed in August, hurt by firms laying off staff to help cut their costs, a survey showed on Thursday.

The Markit Stanbic Bank Kenya Purchasing Managers Index (PMI) fell to 53.0 from 54.2 in July, but held above the 50.0 mark that separates growth from contraction. July’s level was the highest since June last year.

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Markit Stanbic Bank