THUR. 05 JANUARY, 2023-theGBJournal| Stanbic IBTC latest Purchasing Manager Index (PMI) reflects rising business confidence as the Index rose to 54.6 in December from 54.3 in November.
Output prices rose at second fastest pace on record, with the rate of expansion sharp and at the fastest since April.
The higher output was linked to improving demand despite the strong inflationary pressure.
The rate of purchase cost inflation quickened to a four-month high in December, with higher prices for fuel and raw materials.
The data highlighted a substantial rise of new export orders in December, with expansion rate at its sharpest since August.
Workforce numbers also increased again in December, although slightly, to meet rising workloads and ease pressure on Existing staff.
The data says staffing level rose in agriculture, manufacturing and service sectors, but fell in wholesale and retail.
Staff cost also rose in December ”to motivate workers and help them with rising living costs,” the data says.
This rise has persisted on a monthly basis for the past two years, with the latest increase broadly in line with that recorded in November.
The PMI data says business confidence picked up from November’s record low, ”yet sentiment was still the second weakest in the nine-year survey history.”
Nonetheless, firms remained optimistic with investment and expansion plans central to the positive outlook.
The Stanbic IBTC PMI measures the performance of the private sector and is derived from a survey of 400 companies from agriculture, manufacturing, services, construction and retail.
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