Kenyan companies cut jobs after 15-month hiring streak amid weaker demand

Kenyan businesses cut jobs in May for the first time in 15 months as weakening demand and rising costs spill into the labour market, pushing companies to tighten spending and scale back expansion plans.

Private sector firms reduced staffing levels after more than a year of continuous job creation, according to data from Stanbic Bank Kenya’s latest Purchasing Managers’ Index (PMI), with many…