More than 2.97 million Kenyans are currently unemployed, a 2.94 percent rise from 2.89 million in the fourth quarter of 2022. According to data released by the Kenya National Bureau of Statistics (KNBS) on Monday, the economy shed over 80,000 jobs in the three months following the August 9 General Elections.

The fact that young adults (20-29 years old) account for more over half of the unemployed Kenyans underscores the problem of youth unemployment. This is a significant setback for job seekers, particularly the over a million young people who graduate from colleges and secondary schools in search of entry-level jobs as clerks.

The number of unemployed Kenyans increased to more than 2.97 million in the three months preceding December, illustrating the labor market’s challenges in the aftermath of high prices and decreasing activity in the country’s key agricultural sector.

The CBK’s Monetary Policy Committee adopted a measure to increase benchmark interest rates in order to decrease consumer spending because Kenya’s inflation rate has risen over the desired range of 2.5-7.5 percent.

The rate in March was 9.2 percent. Firms are now unable to expand their workforces due to lower demand for goods and services.

The agriculture business, which employs the most people and provides the most to the country’s economy, has suffered a drop in activity as a result of the worst drought in decades.