Manufacturing index expands in August
August 27, 20191.1K views0 comments
The Manufacturing purchasing mmanagers’ Index (PMI) stood at 57.9 index points, indicating an expansion in the manufacturing sector for the 29th consecutive month.
The index grew at a faster rate when compared to the index in July.
According to the Central Bank of Nigeria’s (CBN) PMI report for August 2019, of the 14 sub-sectors surveyed, 13 reported growth in the review month in the following order: cement; petroleum and coal products; food, beverage and tobacco products; transportation equipment; printing and related support activities; chemical and pharmaceutical products; furniture and related ; products; fabricated metal products; non-metallic mineral products; electrical equipment; textile, apparel, leather and footwear; plastics and rubber products; and primary metal.
However, the paper product sub-sector recorded decline in the review period.
The report showed that at 58.7 points, the production level index for the manufacturing sector grew for the 30th consecutive month in August 2019.
The index indicated a slower growth in the current month, when compared to its level in July 2019.
In all, eight of the 14 manufacturing sub-sectors recorded increased production level, three remained unchanged, while three recorded decline.
Also, at 57.1 points, the new orders index grew for the 29th consecutive month, indicating increase in new orders in August 2019.
“The index grew at a slower rate, when compared to its level in July 2019. Nine sub-sectors reported growth, four remained unchanged, while one contracted in the review month.
“The manufacturing supplier delivery time index stood at 58.3 points in August 2019, indicating faster supplier delivery time. “The index has recorded growth for 27th consecutive months. Ten of the 14 sub-sectors recorded improved suppliers’ delivery time, while two remained unchanged and two recorded decline in the review period,” the report stated.
“The employment level index for August 2019 stood at 57.1 points, indicating growth in employment level.