October sees Economic activity up as employment remained stunted amid cost pressures- Stanbic Study

Uganda’s private sector recorded a third successive monthly increase in business activity during October thanks to a return to normal operating conditions and increase in new orders, but companies were not hiring more workers during this period. The headline Stanbic Purchasing Managers’ Index (PMI) rose to 54.6 in October from 52.5 in September above the threshold 50.0 reading that indicates a positive outlook. However, employment continued to fall in October as some firms were reluctant to hire additional staff amid cost pressures. Workforce numbers decreased for the fifth month running, with employee expenses also down. Ronald Muyanja, the Head of…