Manufacturing PMI Index Grows To 57.6 Points In July – CBN
The Manufacturing PMI in the month of July stood at 57.6 index points, the Central Bank of Nigeria (CBN) has said.
It made the disclosure in a report entitled “Purchasing Managers’ Index (PMI) July 2019 Report” published on Wednesday.
The apex bank said the growth indicated expansion in the manufacturing sector for the “28th consecutive month”.
It noted that the index grew at a faster rate when compared to the index in the previous month.
Of the 14 subsectors surveyed, the CBN said 13 reported growth in the review month, including the petroleum and coal products, transportation equipment, cement, printing and related support activities, and paper products.
Others are food, beverage and tobacco products; furniture and related products, fabricated metal products, non-metallic mineral products, plastics and rubber products, primary metal, chemical and pharmaceutical products, as well as electrical equipment.
However, the textile, apparel, leather and footwear subsector recorded a decline in the review period.
The financial regulator revealed that at 58.9 points, the production level index for the manufacturing sector grew for the 29th consecutive month in July.
According to it, the index indicates a slower growth in the month, when compared to its level in the month of June.
“Twelve of the 14 manufacturing subsectors recorded increased production level, while two recorded decline,” it said.
Similarly, the employment level index of the sector stood at 57.3 points in July, indicating growth for the 27th consecutive month.
The report said, “Of the 14 subsectors, 10 reported increased employment level, one reported unchanged employment level while three reported decreased employment in the review month.”
The apex bank explained that the July 2019 PMI survey was conducted by the Statistics Department of the CBN between July 8 and 12.
It said the respondents were purchasing and supply executives of manufacturing and non-manufacturing organisations in all 36 states and the Federal Capital Territory (FCT).
The bank said it made no representation regarding the individual companies, other than the information they have provided.
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