Increasing inflationary pressures dented private sector business activity during July as the headline Stanbic Purchasing Managers’ Index (PMI) dipped below the threshold 50.0 no-change mark for the first time this year. The PMI dropped from 50.9 recorded in June to 48.2 in July with firms scaling back their employment and purchasing activity and ending an 11-month sequence of expansion. Readings above 50.0 mean improvement in business conditions on the previous month while readings that are below 50.0 show deterioration. The Stanbic PMI is based on findings that cover agriculture, industry, construction, wholesale & retail and service sectors. It is a…
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